EU says 'Russian diamonds are not forever' in sanctions push at G-7

G-7 trade restriction could shrink source of funding for Russia's war in Ukraine

20230519 Russian Diamond

Diamonds presented by producer Alrosa in Moscow in February 2019. © Reuters

MITSURU OBE, Nikkei Asia chief business news correspondent

HIROSHIMA, Japan -- The European Union is pushing to curb Russia's ability to sell diamonds, in a fresh attempt to cut off a source of funds as Russia continues its offensive in Ukraine, a European Union leader said Friday.

"We will restrict trade in Russian diamonds. Russian diamonds are not forever," said Charles Michel, president of the European Council, at a news conference, adding that the EU was preparing to propose diamond trade restrictions at a Group of Seven summit meeting later Friday.

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