.RUSSIA’S ruby business is under the gun. On January 1st the G7, a group of rich nations, and also the European Alliance outlawed bring ins of rugged diamonds extracted in Russia– a third of the complete removed worldwide in 2022. On January 3rd the EU included Russia’s state mining provider, and its own leader, to its own decrees listing.
This is actually the initial period of a thorough injunctions scheme: in March the G7 and also EU will definitely disallow Russian treasures that have been cut and refined abroad. In September they are going to launch a license system to validate where rubies were actually mined. These actions add up to the most significant modification to the business in decades.
Why possesses it taken as long to impose sanctions on Russia’s ruby industry– and what effect will they possess?