G7 to announce Russian diamonds ban in 2-3 weeks

The Group of Seven countries is expected to announce a ban on Russian diamonds in the next 2-3 weeks, a Belgian government official told reporters on Friday.

Report informs via Reuters that efforts to reduce Russia's revenue from diamond exports and to build on Washington's existing sanctions on Russia's Alrosa, the world's largest producer, have been subject to discussions among leaders of the G7 nations.

The system will come into effect in January, the official, who asked not to be named, told reporters in Brussels.