May 29, 2024

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The Prime Minister of the United Kingdom announced a ban on Russian diamonds at the G7 summit.

Following the announcement of new sanctions against Russian exports, Rishi Sunak stated that he wants to make sure “Russia pays a price” for the conflict in Ukraine.

The prime minister declared he was leading the way with new sanctions on Russia at the G7 summit in Hiroshima, Japan. He expressed his wish for other nations to do the same. The government will forbid the import of certain goods, including Russian diamonds, into the UK. In 2021, the export value of the Russian diamond industry was $4 billion (£3.2 billion).

Imports of aluminium, copper, and nickel with a Russian origin will also be prohibited under legislation that will be unveiled later this year.

Since Russia’s attack on Ukraine, the UK has targeted more than 1,500 people and organisations and placed more than £18 billion worth of assets under the sanctions regime.

In an effort to hinder Russia’s ability to finance the conflict in Ukraine, the UK, Japan, the US, and Canada banned the import of Russian gold last year.

Putin’s war chest, which is worth about £275 billion, has reportedly been “immobilised” to a greater than 60% extent, according to Downing Street.

Charles Michel, the “president of the European Council,” claims that the EU also wants to impose trade restrictions on Russian diamonds in an effort to further isolate Moscow.

The G7 summit, which includes some of the richest countries in the world, is taking place in Hiroshima while Mr. Sunak is there.

Before the G7 summit, where the Ukraine war and economic security are likely to be high on the agenda, the prime minister travelled to “Hiroshima Peace Park” with other G7 leaders. This is the location where the US dropped the first nuclear bomb.

The frequency of Russia’s missile attacks against Ukraine has significantly increased recently, but it also seems like Ukraine is shooting down more of Russia’s missiles.

He will meet Narendra Modi, the Indian prime minister, on Sunday. Modi is a guest at the G7 summit. Mr. Modi has advocated for peaceful negotiation to resolve the conflict while remaining neutral regarding “Russia’s invasion of Ukraine.”

Mr. Sunak stated to reporters accompanying him in Japan that India had made “positive” strides in its position on the war. The G7 was united, according to the prime minister, in the face of the Russian threat, as evidenced by the sanctions.