.RUSSIA’S DIAMOND field is struggling. On January 1st the G7, a team of rich countries, as well as the European Union banned imports of tough rubies extracted in Russia– a 3rd of the complete drawn out worldwide in 2022. On January 3rd the EU added Russia’s condition exploration firm, and also its ceo, to its own penalties checklist.
This is the first stage of an extensive sanctions system: in March the G7 and EU will certainly disallow Russian jewels that have actually been actually cut and also refined abroad. In September they will offer a license program to confirm where rubies were unearthed. These procedures add up to the greatest adjustment to the business in many years.
Why possesses it taken such a long time to impose sanctions on Russia’s ruby industry– and also what effect will they possess?