Current:Home > MyBelgium’s prime minister says his country supports a ban on Russian diamonds as part of sanctions -FutureWise Finance
Belgium’s prime minister says his country supports a ban on Russian diamonds as part of sanctions
View
Date:2025-04-14 13:12:41
BRUSSELS (AP) — Belgium’s prime minister said his country, which has the biggest interest in the global diamond trade in the European Union, is supporting a ban on Russian diamonds as part of sanctions targeting President Vladimir Putin’s government for its war against Ukraine.
This came during Ukrainian President Volodymyr Zelenskyya’s visit to Brussels on Wednesday. He has repeatedly asked for such a move since the start of Russia’s invasion in February 2022.
For months, the Group of Seven advanced economies and the EU have been working on a way to trace and restrict the trade in Russian diamonds to prevent it from skirting the sanctions. Russia exports about $4 billion worth of rough diamonds a year, nearly a third of the world’s total, according to various estimates.
Asked when the ban will enter into force, Belgian Prime Minister Alexander De Croo said, “the goal is ... January 1st of 2024.”
According to The Antwerp World Diamond Centre, the world’s most important diamond trading hub, 84% of all rough diamonds mined worldwide are traded in the Belgian city, making it the most important gateway to the world for Russian diamonds.
“It has taken some time, because we want to avoid that diamond’s ban would be circumvented,” De Croo said, sitting next to Zelenskyy.
“If you only do it on the wholesale markets, then it will be traded to other diamond centers in the world,” he added. “And we will still have it in our shops, and it would make no difference for Russia. This full traceability and this full banning on the retail markets is the only way to make sure that Russia is not financing the war anymore with those diamonds.”
Diamond imports from Russia to the EU have not been hit by the 27-nation bloc’s measures so far, which have hurt many sectors of the Russian economy, including the lucrative gas and oil.
In Belgium, the diamond sector accounts for 6,600 direct jobs and 26,000 indirect jobs, with annual trade amounting to 37 billion dollars. Diamonds represent about 5% of total Belgian exports to the EU and 15% outside the European bloc.
___
Follow the AP’s coverage of the war at https://apnews.com/hub/russia-ukraine
veryGood! (2115)
Related
- Israel lets Palestinians go back to northern Gaza for first time in over a year as cease
- Where the 2024 Republican presidential candidates stand on abortion
- A study of fracking’s links to health issues will be released by Pennsylvania researchers
- The FTC wants to ban fake reviews and fine people who write them
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- Oklahoma declines to discuss a settlement of Tulsa Race Massacre survivors’ lawsuit
- Hundreds still missing in Maui fires aftermath. The search for the dead is a grim mission.
- MLB investigating Rays shortstop Wander Franco as team puts him on restricted list
- Don't let hackers fool you with a 'scam
- Utah man posing as doctor selling fake COVID-19 cure arrested after three-year manhunt
Ranking
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Amid Maui wildfire ash, Lahaina's 150-year-old banyan tree offers hope as it remains standing
- Spain vs. Sweden in 2023 World Cup soccer semifinal: Time, channel, how to watch
- Chicago Looks to Overhaul Its Zoning and Land Use Policies to Address Environmental Discrimination
- Meta donates $1 million to Trump’s inauguration fund
- Failed marijuana tests nearly ended Jon Singleton’s career. Now the Astros slugger is asking what if
- Get $140 Worth of Tarte Cosmetics Products for Just $25
- Neymar announces signing with Saudi Pro League, departure from Paris Saint-Germain
Recommendation
Behind on your annual reading goal? Books under 200 pages to read before 2024 ends
The Blind Side Subject Sean Tuohy Breaks Silence on Michael Oher’s Adoption Allegations
Keke Palmer stars in Usher's music video for single 'Boyfriend' following Vegas controversy
Texas woman sentenced to 30 years in prison for role in killing of U.S. soldier Vanessa Guillén
Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
Family questions fatal police shooting of man after chase in Connecticut
Peek inside this retired couple's semitrailer turned into a permanent home
Toronto Maple Leafs Prospect Rodion Amirov Dead at 21 After Brain Tumor Diagnosis