AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,889 Decreased By -31.1 (-0.31%)
BR30 30,611 Decreased By -140.9 (-0.46%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

HIROSHIMA: Leaders of the Group of Seven (G7) nations will discuss how to trace Russian diamond trade at a summit this week with the aim of imposing restrictions at a later stage, an EU official said on Thursday. “You can expect this to be mentioned in the G7 communique,” an EU official told reporters in a briefing.

The official said there would not be an agreement at this stage, but he was confident that talks between leaders in Hiroshima, Japan, between May 19-21 would open the door to putting a system in place before restrictions were implemented.

Poland in April presented a proposal for a new set of sanctions on Russia for waging war against Ukraine, including oil and diamond imports, but the debate over the precious gems has been complex in the European Union. While some states have called for sanctions, Belgium - home to the world’s biggest diamond trading hub in Antwerp - has rejected restrictions.

The Antwerp World Diamond Centre has said sanctions would take away some 30% of its business and benefit rival trade hubs, adding clients should be allowed to decide themselves if they wanted Russian gems.

The EU official said given the size of the market there would need to be a broader discussion with countries such as this year’s G20 host India, which do not necessarily fully back Western sanctions on Russia.

India’s prime minister has been invited to the G7 summit.

EU, UK closer to signing delayed deal on financial services

“We have large supporters of Ukraine and then swing states which we need to be careful with. We would like to engage in a dialogue with them,” the official said.

The official added the priority for G7 leaders was to discuss how to stop existing sanctions being circumvented.

Comments

Comments are closed.