UK announces new sanctions on Russia, including diamond embargo

UK announces new sanctions on Russia, including diamond embargo

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Britain announced new sanctions against Russia on Friday, targeting imports of diamonds and other minerals in a bid to undermine Moscow’s ability to finance the war in Ukraine.

Ahead of the G7 summit in Japan, London said it would impose sanctions on “Russian diamonds”, copper, aluminum and nickel and approve more entities involved in Moscow’s “military industrial complex”.

Russia’s diamond trade is estimated to be worth USD 4-5 billion per year, providing the Kremlin with much-needed tax revenue.

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