Diamonds and oil: the US introduces new sanctions against the Russian Federation

The United States on Thursday, February 8, introduced new sanctions against Russia, including, in particular, restrictions on Russian diamonds and oil. This was reported on the website of the US Department of the Treasury (OFAC).

Thus, an OFAC decision prohibits the importation of non-industrial diamonds mined in Russia, regardless of whether they have been processed in a third country. It will come into effect on March 1 for certain categories of diamonds, and from September 1 will be extended to additional categories. Another decision bans the import of diamond jewelry and unmarked diamonds from or imported from Russia from March 1, 2024.

In addition, the US Treasury Department sanctioned three companies based in the UAE – Zeenit Supply and Trading, Talassa Shipping and Oil Tankers SCF Mgmt FZCO, as well as the oil tanker NS Leader registered in Liberia. The sanctions were imposed for violation of the price limit on Russian oil introduced by the coalition of Western states.

The sanctions freeze any American assets of the companies and generally prohibit Americans from doing business with them.

“The price caps and our sanctions have led to the expansion of discounts on Russian oil, limiting the revenue that the Kremlin relies on in its illegal war. , OFAC’s determination helps us meet the commitments the G7 leaders did in December to reduce Russian diamond revenues,” said Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence.

Let’s remember that from 2024, a complete ban on the direct import of Russian non-industrial natural and synthetic diamonds, as well as diamond jewelry, began in the European Union.