State Department: US and EU discussed “diamond sunctions” on Russia

US and European Union officials held a meeting with the heads of companies in the industry regarding effective restrictions against the Russian diamond industry, State Department reported.

US and EU officials met to discuss with the U.S. and European offices of leading diamond retailers, manufacturers, laboratories, and industry trade associations the importance of the diamond industry’s engagement on future Russia-related import measures, including on polished diamonds. The State Department noted that Russia continues to earn billions of dollars from the diamond trade, and the discussion has been centered on the most effective and impactful ways to disrupt that revenue stream.