The EU’s “softening of sanctions” was inevitable, according to Russia’s deputy finance minister Alexey Moiseev.He was speaking after the announcement last week that “grandfathered” goods – diamonds imported from Russia before the 1 January imposition of sanctions – would be allowed, and that the implementation of a traceability scheme had been postponed by six months to 1 March 2025.

“This is the next confirmation that what the Western countries propose is not feasible at this stage,” Moiseev said”As I said at the St. Petersburg [International Economic] Forum, this is the manifestation of a kind of a neocolonial policy of these countries, which infringes upon not merely Russia but also all the Western market players. I believe therefore this [softening of sanctions] was inevitable.”

Elsewhere in the Russian media, ABNews reports claims that EU countries have suffered a 25 per cent drop in diamond revenue so far this year, down from $3.59 bn to $2.69bn.