UK bans Russian diamond import as of 1 January 2024

The UK has extended its sanctions against the Russian Federation, banning the export of certain dual-use goods as well as the import of Russian diamonds. Source: UK government press release Quote: "This new package of sanctions [...] bans the export of a range of goods that carry a risk of military or industrial usage, as well as the latest items Ukraine has found on the battlefield, including machine parts and electronics.

Given the low levels of UK-Russia trade, these sanctions will ensure we are able to continue depriving Russia of products it could use in its war.

In essence, only low-risk, humanitarian, food, and health exports will remain unsanctioned after this." Details: The UK is also banning the import of certain Russian metals and introducing legislation to support businesses that want to divest from Russia. "Furthermore, the UK government is introducing separate legislation to ban the import of diamonds from Russia and plans to proceed with a prohibition on ancillary services relating to metals when this can be done in concert with international partners.

The legislation also includes a series of financial measures designed to support businesses that decide to divest from Russia, to clarify and broaden the scope of existing sanctions on correspondent banking," the statement reads.

Background:

• On 11 December, UK Industry and Economic Security Minister Nusrat Ghani announced the creation of the new Office of Trade Sanctions Implementation (OTSI) to strengthen enforcement and clamp down on companies dodging Russian sanctions.
• The Group of Seven (G7) countries (Germany, the United Kingdom, Italy, Japan, Canada, France and the United States) agreed to gradually restrict diamond imports from Russia.

  The ban on imports of rough diamonds from Russia will be introduced by 1 January 2024.

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