OFAC Authorizes Some Imports of Previously Banned Russian Diamonds, Jewelery
The Office of Foreign Assets Control issued two new general licenses Aug. 23 that authorize imports of Russian diamonds and diamond jewelry that were located outside the country when a current ban on imports of such goods took effect.
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General License 103 authorizes transactions related to imports of diamond jewelry that originated in Russia, regardless of third country processing, as long as the jewelry was located outside of Russia prior to March 1, 2024 -- the effective date of a ban on such imports -- and hasn’t since been exported or reexported to Russia on or after that date.
Similarly, General License 104 authorizes imports of Russian non-industrial, unsorted diamonds that were substantially transformed outside of Russia -- which have been banned since the same date -- if they were located outside of Russia on March 1, 2024, for diamonds weighing 1 carat or more, and Sept. 1, 2024, if they weigh more than 0.5 carats but less than 1 carat. General License 104 expires Sept. 1, 2025.
CBP said it will require a certification to use the new general licenses on the entry, entry summary or foreign-trade zone admission. The agency’s CSMS message includes examples of certification statements, depending on the general license used.
“CBP will be issuing additional filing requirements under the EO once the necessary ACE enhancements are deployed. These requirements will be communicated via subsequent CSMS message,” it said.