London announces new sanctions on Russia, with ban on diamonds

UK announced new sanctions on Russia’s mineral sector on Fridaywith import bans on aluminum, diamonds, copper and nickel to stifle Moscow’s ability to finance the war in Ukraine.

“As evidenced by the sanctions announced today, the G7 remains united in the face of the threat from Russia and steadfast in our support for Ukraine,” British Prime Minister Rishi Sunak said during the G7 summit in Hiroshima, Japan.

The Russian diamond trade is valued at $4 to $5 billion annually, and is an important source of taxes for the Kremlin.

The Hiroshima summit is expected to trigger a set of new sanctions against Russiaincluding US measures that will put another 70 Russian and foreign entities on a trade blacklist, according to a senior White House official.

In addition, it will apply 300 sanctions against diverse and varied objectives, “people, organizations, ships and planes”, in Europe, the Middle East and Asia.

All G7 member states are preparing new measures, and the United States It contributes a “consistent” package of sanctions that “will make it even more difficult for Russia to fuel its war machine,” the US source said.