Minister Joly announces additional ban on imports of Russian diamonds
News release
March 1, 2024 - Ottawa, Ontario - Global Affairs Canada
The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that Canada, alongside G7 partners, is imposing additional import restrictions on Russian diamonds under the Special Economic Measures (Russia) Regulations.
This ban further builds on Canada’s December 2023 import restrictions on diamonds and diamond-jewellery-related products from Russia by targeting indirect imports of Russian diamonds weighing 1 carat and above. It is consistent with the commitments made in February, May and December 2023 by G7 leaders to reduce the Putin regime’s revenues from the export of non-industrial diamonds from Russia.
Canada will continue working with its G7 and other international partners to implement comprehensive controls that ban Russian diamonds from G7 markets. This will provide Canadian consumers with additional assurance that the diamonds that they purchase are not supporting Russia’s illegal war.
The latest measures affirm Canada’s resolve to impose further costs on the Putin regime for its unjustifiable war of aggression against Ukraine.
Quotes
“Canada has been at the forefront of imposing economic barriers on the Putin Regime since he launched his brutal full-scale illegal invasion of Ukraine, which caused devastating losses to Ukrainians. Along with our allies and partners, we have imposed severe sanctions on the Russian regime, and we will continue to do so to hold Putin and his enablers to account.”
- Mélanie Joly, Minister of Foreign Affairs
Quick facts
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Russia is the world’s largest rough diamond producer, with its production valued at more than approximately $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 approximately $5.2 billion in the same year. Together, G7 countries represent 70% of the world diamond market.
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Following Russia’s full-scale invasion of Ukraine in 2022, Canada sanctioned Russia’s state-owned diamond conglomerate, Alrosa. Canada also revoked Russia’s most-favoured nation status, which effectively imposed a 35% tariff on all Russian imports to Canada. This led to a drastic decrease in the value of all Russian imports, including products that will be subject to this ban, from $327,224 in 2022 to $13,440 for the first 8 months of 2023.
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Since 2014, Canada has imposed sanctions on more than 2,900 individuals and entities in Russia, Belarus, Ukraine and Moldova that are complicit in the violation of Ukraine’s sovereignty and territorial integrity. Canada has also implemented targeted restrictions against Russia and Belarus in the financial, trade (goods and services), energy and transport sectors.
Associated links
- Minister Joly announces ban on direct import of Russian diamonds and related products
- Canadian 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
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