23.2 C
Accra
Friday, August 1, 2025
WorldCanada restricts indirect importation of Russian diamonds

Date:

Canada restricts indirect importation of Russian diamonds

Canada on Friday announced restrictions on indirect imports of Russian diamonds weighing 1 carat and above in a co-ordinated move with other Group of Seven (G7) countries.

The latest restriction adds to a ban on Russian diamonds announced in December and will provide Canadians “additional assurance that the diamonds that they purchase are not supporting Russia’s illegal war,” the Canadian foreign ministry said in a statement.

Canada has been one of the leaders in putting limits on the Putin government’s economy since he started a harsh and illegal attack on Ukraine. This caused a lot of harm to the Ukrainian people. We and our friends have put strict punishments on the Russian government, and we will keep doing this to make Putin and his supporters responsible,” said Canada’s Minister of Foreign Affairs, Mélanie Joly.

Russia makes the most rough diamonds in the world, and they were worth around $4. 7 billion in 2022. It also sends a lot of diamonds and diamond products to other countries. It made more than $5. 2 billion from these exports last year.

The G7 countries make up 70% of the world’s diamond market when they work together.

In 2022, Canada punished Russia’s government-owned company Alrosa after Russia attacked Ukraine.

Canada removed Russia’s most-favored nation status, which means they put a 35% tax on all items that are imported from Russia.

This caused the value of Russian imports to drop a lot, from $327,224 in 2022 to $13,440 for the first eight months of 2023, including products that will be banned.

[forminator_poll id="710479"]

Latest stories

“Don’t make me and Stonebwoy fight ooo”- Samini warn netizens

Veteran dancehall musician, Samini has warned netizens to resist...

Kanye West’s Heil Hitler song bans him from entering Australia

US rapper Kanye West has been banned from entering...

Agradaa describes moment shared with President Mahama heavenly – Agradaa

Evangelist Patricia Asiedua, popularly known as Agradaa, shared a...

Dada Joe Remix extradited to face romance scam charges in USA

Ghana’s nightlife mogul and alleged crypto kingpin, Nana Kojo...

Govt launches 24-Hour Economy policy today

The government's flagship, 24-Hour Economy Policy, will be launched...

GRA sets July 16 for GHS1 fuel levy implementation

The implementation of the new GHS1 Energy Sector Shortfall...

Related stories

US travel ban against Togo, Libya, others takes effect today

Effective today, Monday, June 9, nationals of twelve countries...

Pakistan: Police in search of over 200 inmates following earth tremor

Over 200 inmates are currently on the run after...

Pope Leo XIV shares canonical acceptance

Cardinal Robert Francis Prevost has officially accepted his election...

Profile of the new Pope – Cardinal Robert Francis Prevost

"Peace be with all of you!" - the first...

Cardinal Robert Francis Prevost named as the 267th Pope, takes the name Pope Leo XIV

Cardinal Robert Francis Prevost has been elected as the...

Black smoke signals end of first day of conclave to elect new pope

A thick column of black smoke rising from the...

Siemens exec and his family involved in fatal Hudson helicopter crash

Tragedy struck New York City on Thursday when a...

LEAVE A REPLY

Please enter your comment!
Please enter your name here