U.S extends license to import rough diamonds of Russian origin into country for another year

MOSCOW. Aug 26 (Interfax) - The Office of Foreign Assets Control (OFAC), a division of the U.S. Department of the Treasury responsible for sanctions enforcement, has extended for another year an expiring license allowing imports of rough diamonds of Russian origin to the U.S. providing they were physically located outside Russia until March 2024 and were not later re-exported to Russia.

The corresponding license N104B has been published on the OFAC website.

Imports of gem-quality diamonds of 0.5 carats and above originating in Russia to the U.S. had been permitted until September 1, 2026.

A phased ban on imports of Russian non-industrial diamonds to G7 countries was announced in December 2023. According to the documents published by OFAC, from March 1, 2024, import of Russian diamonds weighing one carat and above to the U.S. was prohibited, and diamonds weighing 0.5 carats and above from September 1. The ban also applies to products made from Russian diamonds cut in third countries.

Prior to that, despite the inclusion of Russia's main producer, Alrosa , in the SDN list in 2022, diamonds cut from Russian rough diamonds freely penetrated the U.S. market, undergoing significant processing in the Indian gem cutting and polishing industry.