Boma Achenimie 
On Friday, Britain unveiled additional sanctions against Russia that target the importation of diamonds and other commodities in an effort to limit Moscow’s ability to finance the conflict in Ukraine.
Prior to the G7 summit in Japan, London said it would introduce “a ban on Russian diamonds”, copper, aluminum, and nickel, and sanction more entities involved in Moscow’s “military-industrial complex”.
The estimated $4–$5 billion annual value of Russia’s diamond trade provides the Kremlin with much-needed tax income.
The assets of 86 individuals and organizations would be frozen as a result of the new sanctions, the UK foreign office announced later in the day.
These include “companies connected to the theft of Ukrainian grain and those involved in the shipment of Russian energy”, it said.
The new sanctions will also target “advanced military technology and remaining revenue sources”.
New sanctions on Russia are anticipated to be imposed following the meeting in Hiroshima, including US actions that will add 70 more foreign and Russian businesses to a trade blacklist.
UK Prime Minister Rishi Sunak told Sky News on Friday that his “straightforward” message for Russian President Vladimir Putin was: “We’re not going away”.
“One of the topics of conversation I’ll be having and have been having with my fellow leaders is about the longer term security agreements… for Ukraine to deter future Russian aggression,” he added.
The G7 as a whole is expected to work to tighten existing sanctions, close loopholes, squeeze Moscow’s access to the international financial system, and commit to keeping Russian assets frozen until the end of the war in Ukraine.
On Friday, European Council President Charles Michel said the bloc would target the lucrative trade in Russian diamonds, which he joked “are not forever”.
Along with India and the United Arab Emirates, EU member Belgium is one of the biggest wholesale consumers of Russian diamonds.
The United States is a significant final market for the product.
