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Jersey sanctions on the Russian diamond trade


On 1 March 2024, the UK and Jersey Governments updated their Russia sanctions regulations and orders.

The Amendment Regulations include:-

  • Create new trade prohibitions relating to the import of certain diamonds which originate in Russia and are processed in a third country and
  • Ban the provision of technical assistance, brokering and financial services in connection with the import of third country processed Russian diamonds. Third country processing can be a means of concealing the Russian origin of diamonds, and this measure is targeted at reducing circumvention of sanctions on Russian diamonds.

To bring about the above

  • The UK Government has updated its Russia sanctions regime through the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2024 (the "Amendment Regulations")
  • The Jersey Sanctions come into force on Friday 1 March 2024, under the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations") and are effective through the Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the "Sanctions Implementation Order").

The Amendment Regulations build on The Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023 which ban the direct import of Russian origin diamonds and diamond jewellery, and which came into effect on 1 January 2024.



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