Alerts & Updates 11th Mar 2024
Amidst the ongoing Russia-Ukraine conflict, the evolution of sanction measures continues. Several critical sectors of economic importance to Russia have been targeted by G7 countries – a prominent recent example being the EU’s restrictions on the import of Russian natural diamonds (rough and polished) and jewellery processed in third countries.
Given the significant trade between Russia and India on the one hand and India and the EU on the other, these EU restrictions are expected to have significant market ramifications for Indian exporters of diamonds.
This update provides a high-level overview of the aforesaid EU’s restrictions and important considerations for the Indian diamond industry.