Britain Bans Russian Diamonds

The office of Prime Minister Rishi Sunak outlined the measures in a statement that Britain is banning Russian diamonds.

The United Kingdom has announced a ban on importing of Russian diamonds and several types of metal, as well as additional sanctions on 86 people and companies allegedly linked to Moscow’s “military industrial complex.”

The office of Prime Minister Rishi Sunak outlined the measures in a statement on Thursday, voicing hopes that new restrictions would curtail Russia’s multi-billion dollar diamond trade and a range of other exports, including copper, aluminum and nickel. 

“Alongside these trade measures, the government is also preparing new individual designations – targeting an additional 86 people and companies from [Russian President Vladimir] Putin’s military industrial complex, and those involved in key revenue streams such as energy, metals, and shipping,” the statement said.

The move builds on existing UK sanctions, which previously targeted Alrosa, a Russian state-run mining company, and hiked tariffs on diamond imports by 35%. Other Russian-origin metals, such as iron and steel, were also covered in prior bans.

The U.S. House of Representatives Committee on the Judiciary is reportedly preparing a bill to pressure the OPEC oil producers’ group to punish OPEC for the recent positive developments out of the Middle East.

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