UK unveils new Russian sanctions, including ban on diamonds, copper

The United Kingdom on Friday (May 19) unveiled new sanctions against Russia's minerals sector. In the latest round, Britain has targeted imports of aluminium, diamonds, copper, and nickel.

Prime Minister Rishi Sunak on the margins of a G7 summit in Japan, said, "As today's sanctions announcements demonstrate, the G7 remains unified in the face of the threat from Russia and steadfast in our support for Ukraine."

Ahead of the summit in Hiroshima, Japan, the UK said that the sanctions are aimed at banning Russian diamonds and will target more entities involved in Russian President Vladimir Putin's "military-industrial complex".

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Reports have mentioned that Russia's diamond trade is estimated to be worth $4-5 billion each year, providing much-needed tax money to the Kremlin.

Besides those involved in the energy, metals and shipping industries, Britain is also targeting an additional 86 people and companies, including those who support the Kremlin's efforts to actively undermine the impact of existing sanctions.

The UK government said that the announcement was made as Britain continues to engage with G7 allies to combat all types of sanctions evasion.

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G7 summit on Friday in Hiroshima

Leaders of Japan, the United States, Germany, Britain, France, Canada and Italy have started to gather ahead of the Group of Seven (G7) summit on Friday in Hiroshima. The G7 countries are poised to use the summit to announce tightened sanctions on Russia and debate strategy on a more than year-long conflict that shows no sign of easing.

UK-based media outlets reported that at the summit, Sunak will probably try to pressurise leaders who have maintained a more neutral stance over the ongoing Russia-Ukrain war — for example, the Indian prime minister Narendra Modi.

As quoted, Sunak said, "One thing we have to keep doing is talking to countries like India and also Brazil. That is going to be in that second part of the summit which is a good thing."

"One of my three things is talking to countries around the world and making sure they realise what is going on, the war crimes Russia is committing inside Ukraine and why everyone should support bringing about a peaceful resolution to the conflict," Sunak said.

A European Union official on Thursday said one potential target for discussion was Russia's multi-billion-dollar diamond industry.

As quoted by AFP, the official said: "We believe we need to limit exports from Russian trade in this sector." The member Belgium is among the largest wholesale buyers of Russian diamonds, along with India and the United Arab Emirates.

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