Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
Russia’s luxury goods industry is the latest to be targeted under new UK sanctions announced on Thursday, with the government slapping import bans on caviar and other high-end wares.
Silver and wood products from Russia will also be prohibited and tariffs will be increased by 35 percentage points on 130 million pounds ($170 million) worth of diamonds and other products, including some from Belarus, according to a government statement. That takes the total value of Russian goods affected to more than one billion pounds.
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The UK’s measures are intended “to inflict maximum damage” to Russian President Vladimir Putin’s regime, “reducing the resources and funds he needs to carry out this illegal war,” International Trade Secretary Anne-Marie Trevelyan said.
Britain has already imposed its broadest set of sanctions ever on Russia since the invasion of Ukraine in February, and Prime Minister Boris Johnson’s government is working with other Group of Seven nations and the European Union to coordinate regular sets of new sanctions and trade restrictions, while enforcing measures implemented so far.
(By Charles Capel)
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