Canada Bans The Importation of Russian Diamonds & Related Products

Canada, in collaboration with its G7 partners, has announced new import restrictions on Russian diamonds and related products. Minister of Foreign Affairs, Mélanie Joly, noted on Wednesday.

This action aligns with the G7 leaders’ commitment made in May 2023 to collectively reduce the revenues the Putin regime gains from exporting non-industrial diamonds mined, processed, or produced in Russia.  

These measures aim to implement comprehensive controls and verification procedures for banning Russian diamonds, reinforcing the international stance against financing conflicts through diamond revenue.

Russia stands as the world’s largest rough diamond producer, with its production valued at over US$3.5 billion in 2022. It is a significant global exporter, with total exports exceeding USD$3.9 billion in the same year. G7 countries collectively represent 70% of the global diamond market. Canadian imports of the affected Russian products amounted to $4.1 million in 2021.

The ban comes as a response to Russia’s full-scale invasion of Ukraine in 2022, leading Canada to sanction Russia’s state-owned diamond conglomerate, Alrosa. Additionally, Russia’s Most Favoured Nation status was removed, imposing a 35% tariff on all imports to Canada. These actions resulted in a substantial decrease in Russian imports, including those affected by the current ban.

By targeting Russia’s diamond revenues, Canada aims to prevent these funds from contributing to the financing of conflicts, particularly in light of Russia’s ongoing war of aggression against Ukraine. 

Minister Joly emphasized the collaborative nature of the ban with G7 partners and sent a clear message to Russia that the use of diamond revenues for war financing will not be tolerated. 

The announcement builds on Canada’s ongoing commitment to sanctions and restrictions against entities complicit in violating Ukraine’s sovereignty since 2014.

Read the future release here.

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