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Moscow cautions of diamond probation`s effect on Belgium
(MENAFN) In a recent interview with RIA Novosti, Artyom Studennikov, the head of the First European Department of the Russian Foreign Ministry, issued a stark warning to Belgium regarding the impact of Western sanctions on Russian diamonds. The European Union and G7's direct ban on Russian diamonds, implemented last month, has triggered concerns that Belgium, currently the global hub for diamond trading with 90 percent of the world's diamonds passing through Antwerp, may lose its coveted status.
Initially resistant to Western efforts to impose restrictions on Russian diamonds, Belgium's stance changed, and it is now supporting a proposed diamond tracking system scheduled to be in place by September. This system aims to help Western authorities identify the origin of imported diamonds, preventing potential violations of the imposed sanctions.
Studennikov emphasized that the refusal to import Russian diamonds could have severe repercussions for Belgium's diamond industry, leading to the country losing its global hub status. The Belgian diamond lobby is reportedly expressing concerns about the potential loss of thousands of jobs and a significant decline in trade turnover as a result of the ban.
Furthermore, Studennikov highlighted that international banks are reevaluating their credit policies, with some closing branches due to perceived challenges in the Antwerp diamond business. This economic uncertainty is prompting companies involved in the diamond trade to consider relocating from Belgium to other destinations that prioritize mutually beneficial cooperation over political interests.
As the phased-in restrictions on indirect imports from Russia are set to take effect on March 1, the diamond industry in Belgium is facing a critical juncture. The nation's role as the primary global diamond trading hub hangs in the balance, and the unfolding developments underscore the far-reaching consequences of geopolitical decisions on the intricate web of international trade and commerce.
Initially resistant to Western efforts to impose restrictions on Russian diamonds, Belgium's stance changed, and it is now supporting a proposed diamond tracking system scheduled to be in place by September. This system aims to help Western authorities identify the origin of imported diamonds, preventing potential violations of the imposed sanctions.
Studennikov emphasized that the refusal to import Russian diamonds could have severe repercussions for Belgium's diamond industry, leading to the country losing its global hub status. The Belgian diamond lobby is reportedly expressing concerns about the potential loss of thousands of jobs and a significant decline in trade turnover as a result of the ban.
Furthermore, Studennikov highlighted that international banks are reevaluating their credit policies, with some closing branches due to perceived challenges in the Antwerp diamond business. This economic uncertainty is prompting companies involved in the diamond trade to consider relocating from Belgium to other destinations that prioritize mutually beneficial cooperation over political interests.
As the phased-in restrictions on indirect imports from Russia are set to take effect on March 1, the diamond industry in Belgium is facing a critical juncture. The nation's role as the primary global diamond trading hub hangs in the balance, and the unfolding developments underscore the far-reaching consequences of geopolitical decisions on the intricate web of international trade and commerce.
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