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-Britain unveiled new sanctions against Russia’s minerals sector Friday, targeting imports of aluminum, diamonds, copper and nickel in a bid to choke Moscow’s ability to fund the war in Ukraine.
Ahead of a G7 summit in Hiroshima, Japan, London said it would introduce “a ban on Russian diamonds” and target more entities involved in “(Vladimir) Putin’s military industrial complex.”
Russia’s diamond trade is estimated to be worth $4-5 billion a year, netting the Kremlin much-needed tax revenues.
The summit in Hiroshima is expected to bring a series of new sanctions on Russia, including US measures that will put 70 more Russian and foreign entities on a trade blacklist.
