Kremlin warns of 'boomerang effect as EU considers ban on Russian diamond imports

Facing the potential imposition of an import ban on Russian diamonds by the European Union, the Kremlin warned on Monday that European sanctions typically have a “boomerang effect” on those enforcing them.

Dmitry Peskov, the spokesperson for the Kremlin, addressed the proposed EU measure to ban diamond imports from Russia, a move included in a new sanctions package related to the conflict in Ukraine.

Russia holds the position of the world’s largest producer of rough diamonds in terms of volume. Peskov acknowledged the anticipation of such actions, but emphasised the likelihood of a backfire.

Speaking to reporters, Peskov stated, “As a rule, it turns out that a boomerang effect is partially triggered: the interests of the Europeans themselves suffer. So far, we have been able to find ways to minimise the negative consequences of sanctions.”

According to Reuters, diplomatic sources within the EU revealed that the current proposal considers an immediate ban on direct diamond imports from Russia starting January 1.

Additionally, from March onward, a traceability mechanism is slated for implementation to prevent the entry of Russian gems processed in third countries.

With inputs from agencies