The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that Canada, in coordination with its G7 partners, is imposing new import restrictions on Russian diamonds and diamond jewellery related products.

“The implementation of this ban, in collaboration with our G7 partners, sends a clear message to Russia: we will not tolerate the use of Russia’s diamond revenues to finance war. We call on President Putin to immediately put an end to this unjustifiable war of aggression against Ukraine, and we will continue to stand by Ukrainians for as long as it takes.”

- Mélanie Joly, Minister of Foreign Affairs

• Russia is the world’s largest rough diamond producer, with its production valued at more than US$3.5 billion (approximately CAD$4.7 billion) in 2022. It is also a significant global exporter of diamonds and diamond products, with the value of its total exports exceeding USD$3.9 billion (approximately CAD$5.2 billion) in the same year. Together, G7 countries represent 70% of the world diamond market.

• Canadian imports of the Russian products that are subject to today’s ban totalled $4.1 million in 2021.

• Following Russia’s full-scale invasion of Ukraine in 2022, Canada sanctioned Russia’s state-owned diamond conglomerate, Alrosa. Canada also removed Russia’s Most Favoured Nation status, which effectively imposed a 35% tariff on all imports to Canada. This led to a drastic decrease of all Russian imports, including products that will be subject to this ban, to $327,224 in 2022 and $13,440 for the first eight months of 2023.

• Since 2014, Canada has imposed sanctions on more than 2,700 individuals and entities who are complicit in the violation of Ukraine’s sovereignty and territorial integrity in Russia, Belarus, Ukraine, and Moldova. Canada has also implemented targeted restrictions against Russia and Belarus in the financial, trade (goods and services), energy and transport sectors.

Associated links

• Canada sanctions related to Russia
• Canada’s response to the Russian invasion of Ukraine
• Sanctions - Russian invasion of Ukraine
• Canada’s efforts to counter disinformation - Russian invasion of Ukraine
• Countering disinformation with facts - Russian invasion of Ukraine

Isabella Orozco-Madison
Press Secretary
Office of the Minister of Foreign Affairs
Isabella.Orozco-Madison@international.gc.ca

Media Relations Office
Global Affairs Canada
media@international.gc.ca
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