The Treasury Department announced Feb. 8 the issuance of two determinations prohibiting the importation of certain categories of diamonds mined in Russia.
First, the Office of Foreign Assets Control is prohibiting the importation of non-industrial diamonds mined or extracted in Russia, notwithstanding whether they have been substantially transformed in a third country, effective March 1 with respect to non-industrial diamonds with a weight of 1.0 carat or greater and expanding Sept. 1 to cover non-industrial diamonds with a weight of 0.5 carats or greater. Second, OFAC is prohibiting the importation of diamond jewelry and unsorted diamonds of Russian origin or exported from Russia effective March 1.
Treasury notes that these prohibitions are intended to implement the December 2023 G7 commitments to impose phased restrictions on the importation of diamonds mined or extracted in Russia. OFAC intends to issue additional public guidance regarding these determinations.
For more information on how these actions may affect your business, please contact Kristine Pirnia at (202) 730-4964 or via email.
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