Sanctions on Russian diamonds will begin March 1:OFAC

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) confirmed that its new sanctions on Russian diamonds will begin March 1.

The new rules will ban “diamonds that were mined, extracted, produced, or manufactured wholly or in part in the Russian Federation, notwithstanding whether such diamonds have been substantially transformed [i.e., cut and polished] outside of the Russian Federation,” according to a document signed by the OFAC deputy director,

The March 1 ban will apply to polished diamonds that weigh one carat or more. On Sept. 1, the sanctions will expand to diamonds of at least half a carat.

The announcement didn’t specify whether importers will need to provide evidence that their polished diamonds weren’t mined in Russia—and if so, what evidence will be required.

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