Canada Updates Import Restrictions on Russian Diamonds
Canada last week announced new import restrictions on Russian diamonds that are exported from or processed or polished in a third country. The restrictions now apply to natural diamonds 1 carat or greater and to any person in Canada “as well as Canadians outside of Canada.” Canada also said it revised its existing import ban on luxury items from Russia “to ensure consistency and clarity with the existing import ban on diamond and diamond-related products.”
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“This indirect ban is in-line with [Group of 7] commitments and will complement the G7 direct ban on Russian diamond imports that has been implemented by G7 member states,” Canada said. The U.S. has imposed similar restrictions (see 2402080081).