G7 to Restrict Imports of Russian Diamonds Starting Next Month... Blocking Trade Imports

The Group of Seven (G7) will impose import restrictions on Russian diamonds starting next month.

In May, U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida, French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau (front row from left, counterclockwise), along with leaders of the Group of Seven (G7) and representatives of the European Union, held a meeting focused on the situation in Ukraine.
[Image source=Reuters Yonhap News]

According to AFP and Kyodo News, the leaders of the seven countries? the United States, Japan, Germany, the United Kingdom, France, Italy, and Canada?agreed on this measure as part of efforts to block Russia's trade revenues during a video conference on the 6th (local time), the statement said.

Russia is the world's largest diamond producer, accounting for about one-third of global diamond production. According to the Kimberley Process, established to combat 'blood diamonds' produced in conflict zones, out of the total global diamond production of 119.96 million carats last year, 41.9 million carats were produced in Russia.

Russia is known to earn more than $4 billion annually from diamond exports, with a significant portion of the sales revenue reportedly used to fund the war in Ukraine.

On the same day, the G7 leaders also urged Hamas to immediately release the remaining hostages without preconditions in relation to the Israel-Hamas conflict. They reaffirmed their support for the 'two-state solution,' where Israel and Palestine coexist as separate independent states.

The statement emphasized, "We continue to support the 'two-state solution' that allows the people of Israel and Palestine to live in a just, lasting, and secure peace."

Additionally, the G7 leaders reaffirmed their commitment to advancing international discussions on the misuse of artificial intelligence (AI). However, they acknowledged that approaches and policy measures to achieve the shared goal of 'trustworthy AI' may differ among G7 member countries.