Britain has just disclosed new sanctions against Russia’s minerals sector, mainly targeting aluminum, diamonds, copper, and nickel imports in a bid to sever Moscow’s ability to fund the war in Ukraine.
London had made this announcement ahead of a G7 summit in Hiroshima, Japan, stating that it would begin banning Russian diamonds and targeting several parties involved in Putin’s military-industrial power.
Russia’s diamond trade is calculated to be worth $4-5 billion a year,
The Hiroshima summit is expected to usher in a series of new sanctions on Russia, including US measures that will place 70 additional Russian and foreign entities on a trade blacklist.
The G7 as a whole will also work to tighten already existing sanctions, shut loopholes, and commit to keeping Russian assets frozen until the war ended in Ukraine.
