G7 to Limit Russian Diamond Exports

G7 countries are planning to limit exports of diamonds from Russia as punishment for the invasion of Ukraine, several diplomats at the G7 summit said on Thursday.

A declaration on the diamonds is to be adopted at the G7 summit of leading industrial democracies in Hiroshima, Japan. The aim is to reduce Russia’s revenues and thus limit its ability to wage war.

The diamond trade is an important economic sector for the country and a significant source of income. Other agendas for discussion at the summit are war in Ukraine, the state of the global economy, and the West’s relationship with China.

The talks are being accompanied by extensive security measures. The G7 includes the United States, Germany, France, Italy, United Kingdom, Japan and Canada.