It has been more than half a year since Russia invaded Ukraine, and the EU has implemented six rounds of sanctions so far. It has issued a mobilization order against Russian President Vladimir Putin, including proposals from five countries including Poland, Ireland and Lithuania, to ban the import of diamonds from Russia.

(Reuters)

[Instant News/Comprehensive Report] It has been more than half a year since Russia invaded Ukraine. The European Union has implemented six rounds of sanctions so far. It has issued a mobilization order against Russian President Vladimir Putin, including proposals from five countries including Poland, Ireland and Lithuania, requesting a ban on the import of Russian diamonds.

According to foreign media reports, after Russian President Vladimir Putin issued a mobilization order last week, the European Union began to take new actions, and the European Commission is expected to put forward a formal proposal for more sanctions this week.

Five EU member states, including Poland, Ireland, Lithuania, Estonia and Latvia, also proposed an import ban on diamonds imported from Russia.

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Although Belgian Prime Minister Alexander De Croo has previously said that imposing an import ban on Russian diamonds will cause huge losses to the country, hurting an industry that accounts for 5% of Belgium's exports and provides 30,000 jobs.

But some EU officials revealed that Belgium may change its mind and revoke its veto on the diamond ban.

The Antwerp World Diamond Centre pointed out that sanctions on Russian diamonds would reduce the organization's business by 30% and benefit competitors. It believes that customers should retain the right to purchase Russian diamonds, which means Let the market decide.

The report mentioned that Russia's Alrosa (Alrosa ALRS.MM) is the world's largest rough stone producer, accounting for 95% of Russia's diamond production and 27% of global diamond mining.