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G7 issues statement on support for Ukraine, sanctions on Russian diamonds

The G7 members also mentioned the use of seized Russian assets for Ukraine's recovery.

G7 issues statement on support for Ukraine, sanctions on Russian diamonds
Photo: EPA/UPG

On 6 December, the Group of Seven leaders held an online summit.

Following the meeting, the parties issued a joint statement, which was published by the White House.

The statement talks about support for Ukraine and new sanctions against Russia.

"We are determined to support an independent, democratic Ukraine within its internationally recognized borders. We continue to support Ukraine in further developing President Zelenskyy’s Peace Formula. As stated in the Joint Declaration of Support for Ukraine on July 12, 2023, we are formalizing our enduring support to Ukraine through specific, bilateral, long-term security commitments and arrangements," it reads.

As regards the sanctions, it says:

"Our commitment remains to restrict exports of all items critical to Russia’s military and industrial base, including those used on the battlefield and we call on third parties to take equivalent action. We repeat our call for third parties to immediately cease providing material support to Russia’s aggression, or face severe cost. We will work to further curtail Russia’s use of the international financial system to further its war in Ukraine, including Russia’s efforts to use the international financial system to facilitate its expansion of its military industrial base. We will update our measures. We will step up our efforts against evasion and circumvention of our sanctions and export controls measures. We continue to take actions against third country actors who materially support Russia’s war including by imposing additional measures on entities where appropriate in third countries. We are targeting Russian military procurement networks and those who help Russia acquire machine tools, equipment and key inputs.

We are limiting Russia’s ability to fund its illegal war by taking steps to limit Russia’s energy revenue and its future extractive capabilities. We have dramatically reduced our reliance on Russian energy and commodities. We are determined to accelerate work on this path so that Russia is no longer able to weaponize energy against us. We commit to tightening compliance and enforcement of the price cap policy on Russian oil, including by imposing sanctions on those engaged in deceptive practices and by updating our compliance rules and regulations as necessary. We will also continue efforts to curtail Russia’s revenue from other relevant sectors. We will also continue efforts to reduce Russia’s revenue from metals. We will introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024. To further the effectiveness of these measures, those G7 members who are major importers of rough diamonds will establish a robust traceability-based verification and certification mechanism for rough diamonds within the G7 by September 1, 2024, and we will continue to consult with partners, including producing and manufacturing countries on its design and implementation.

We will continue consultations among G7 members and with other partners including producing countries as well as manufacturing countries for comprehensive controls for diamonds produced and processed in third countries on measures for traceability."

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