The European Union has already published six “packages” of sanctions against Russia, which included sanctions against Russian gold and other luxury goods. However, diamonds are not banned yet, because Antwerp is the focal point of diamonds coming into Europe, and it would negatively impact the country’s economy. Belgium has officially pledged not to block diamond sanctions, but, at the same time, it has concerns that it would have a worse economic impact on the EU than on Russia.

Unlike Belgium, other countries have taken a different approach. For instance, immediately after the beginning of the War in Ukraine, the United States banned imports of non-industrial diamonds from Russia. The country also imposed sanctions on Sergei Sergeyevich Ivanov, the CEO of Alrosa, Russia's largest diamond mining company, and his father, Sergey Borisovich Ivanov, who was the former chief of staff of Vladimir Putin.

Recently, after President Putin ordered a partial military mobilisation, five EU countries (Poland, Ireland, Lithuania, Estonia, and Latvia) said in a joint proposal that the European Union must stop importing diamonds from Russia, as retaliation. For this ban to be agreed on, there needs to be unanimity, and Belgium has rejected such bans in the past. However, this seems to be about to change, as the European Commission is expected to present a formal proposal for more sanctions to member states this week.

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