G7: Strong Rhetoric but no Diamond Sanctions

By John Jeffay / May 22, 2023 / www.idexonline.com / Article Link

(IDEX Online) - G7 leaders concluded their summit in Hiroshima, Japan, yesterday without a clear mandate to sanction Russian diamonds.They pledged to "work closely together to restrict trade" in diamonds, but did not announce the sanctions some had expected.They reaffirmed their "commitment to stand together against Russia's illegal, unjustifiable, and unprovoked war of aggression against Ukraine."The three-day summit ended with a raft of moves designed to economically isolate Russia and weaken its ability to wage its war, but no concrete details on outlawing its diamonds.In their statement on Ukraine, the G7 leaders said: "In order to reduce the revenues that Russia extracts from the export of diamonds, we will continue to work closely together to restrict trade in and use of diamonds mined, processed or produced in Russia and engage with key partners with the aim of ensuring effective implementation of future coordinated restrictive measures, including through tracing technologies."On the eve of the summit, the UK announced its own sanctions on Russian diamonds.The ban will also cover copper, aluminum and nickel. Russian iron and steel are already banned. The UK also designated 86 more people and companies from Putin's military industrial complex.Pic of G7 leaders courtesy U.S. Embassy & Consulates in China

Recent News

Upgrades continue for 2024 gold price target...

April 22, 2024 / www.canadianminingreport.com

Gold stocks edge up as weak equities offset metal rise

April 22, 2024 / www.canadianminingreport.com

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com

Gold stocks near flat as equities dip

April 15, 2024 / www.canadianminingreport.com

Revenue estimates for gold stocks have remained relatively flat

April 08, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok