https://sputniknews.in/20230831/india-urges-us-to-unfreeze-26-mln-confiscated-for-alleged-links-to-russian-diamond-major-3956823.html
India Urges US to Unfreeze $26 Mln Confiscated for Alleged Links to Russian Diamond Major
India Urges US to Unfreeze $26 Mln Confiscated for Alleged Links to Russian Diamond Major
Sputnik India
New Delhi has reportedly asked the Biden administration to unfreeze around $26 million of funds in Dubai-based offshore bank accounts of Indian entities, which Washington suspects have links to Russian diamond giant Alrosa.
2023-08-31T14:08+0530
2023-08-31T14:08+0530
2023-08-31T14:08+0530
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New Delhi has reportedly asked the Biden administration to unfreeze around $26 million of funds in Dubai-based offshore bank accounts of Indian entities, which Washington suspects have links to Russian diamond giant Alrosa.According to the news report, the Indian traders have said that the transactions were conducted with the “non-sanctioned Russian entities” or for orders before sanctions against Alrosa came kicked in.In the wake of Moscow’s Special Military Operation in Ukraine, the G7 bloc has been involved in efforts to deprive Moscow of its diamond export revenues.The G7 countries said in a statement at the Hiroshima Summit this year that they would "restrict trade in and use of diamonds mined, processed or produced in Russia”.Impact on Indian Diamond IndustryIndia, where 90 percent of the world’s diamonds are processed, has been reeling under the impact of G7 curbs on Russian diamonds, as reported by Sputnik previously.Nearly 30 percent of the diamonds processed in India are imported from Russia, as per estimates.India imported over $616 million worth of Russian diamonds in the first half of 2023, a year-on-year (yoy) increase of 35 percent, according to Indian Commerce Ministry data analyzed by Sputnik.Nearly 30 percent of the diamonds are imported from Russia, with western markets such as US and EU being top export markets for the re-processed diamonds.
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India Urges US to Unfreeze $26 Mln Confiscated for Alleged Links to Russian Diamond Major
The concerns in Indian diamond industry triggered by G7 curbs on Russian diamonds have been raised by Indian Prime Minister Modi in his meetings with G7 counterparts, Indian EAM S Jaishankar has previously told Sputnik
New Delhi has reportedly asked the Biden administration to unfreeze around $26 million of funds in Dubai-based offshore bank accounts of Indian entities, which Washington suspects have links to Russian diamond giant Alrosa.
Citing Indian government sources, Reuters reported that New Delhi has “initiated a dialogue with the US Treasury’s Office of Foreign Assets Control (OFAC), the economic sanctions enforcing agency of Washington.
According to the news report, the Indian traders have said that the transactions were conducted with the “non-sanctioned Russian entities” or for orders before sanctions against Alrosa came kicked in.
The report highlighted that the OFAC action marks the first instance of an Indian firm facing sanctions from Washington over trading links with Russian diamond companies.
In the wake of Moscow’s Special Military Operation in Ukraine, the G7 bloc has been involved in efforts to deprive Moscow of its diamond export revenues.
The G7 countries said in a statement at the Hiroshima Summit this year that they would "restrict trade in and use of diamonds mined, processed or produced in Russia”.
in May, G7 was reportedly discussing the “creation of a mechanism for tracking the origin of precious stones”.
An industry publication Rapaport has reported that the G7 is pushing to “oblige jewellery companies” registered in these “non-Russian origin” of the diamonds they import.
Impact on Indian Diamond Industry
India, where 90 percent of the world’s diamonds are processed, has been
reeling under the impact of G7 curbs on Russian diamonds, as reported by Sputnik previously.
Nearly 30 percent of the diamonds processed in India are imported from Russia, as per estimates.
India imported over $616 million worth of Russian diamonds in the first half of 2023, a year-on-year (yoy) increase of 35 percent, according to Indian Commerce Ministry data
analyzed by Sputnik.Nearly 30 percent of the diamonds are imported from Russia, with western markets such as US and EU being top export markets for the re-processed diamonds.
