The European Commission, executive arm of the European Union (EU), proposes to ban the import of diamonds and liquefied petroleum gas from Russia, as part of sanctions for the war in Ukraine, according to a document to which AFP had access .
These new package of sanctions, which must still be approved unanimously by the EU countries, also include measures aimed at preventing Russia from being able to evade a limit on the price of oil.
The EU has already imposed eleven packages of sanctions on Russia since its invasion of Ukraine in February 2022, including impacts on its main oil and gas exports.
With these sanctions the EU intended to bring the Russian economy to its knees, but the Kremlin still has the conditions to significantly increase its military spending.
With the latest package, the EU is now focusing on lucrative Russian diamond exports, which a year before the war were estimated at around $4 billion (€3.7 billion).
The EU ban would apply to natural and synthetic diamonds and jewellery, starting in early 2024, and to Russian diamonds processed in third countries starting next September.
This block on the sale of diamonds is part of a broader plan by the G7 to implement a system to track Russian gemstones.
Belgium, home to the world’s largest diamond market, had been blocking a ban on those gems until the G7 plan was established.
Among other measures, the new sanctions provide for a ban on the import of liquefied petroleum gases propane and butane from Russia.
Combustible gases are typically used in heating appliances and cooking equipment.