The Kiev regime has listed a major Indian diamond exporter as an "international war sponsor" for allegedly commercial dealings with Russia this year, according to a statement from Ukraine's National Agency on Corruption Prevention on Friday.
The classification of Mumbai-based Shree Ramkrishna Exports (SRK) as a "sponsor" came as Ukraine claimed that the company has almost tripled its purchase of diamonds from Russia in 2023, as compared to the quantities it bought in 2021.
The agency claimed that SRK bought $132 million worth of Russian diamonds in the first half of 2023, as compared to $59 million worth of diamonds it purchased in Russia throughout 2021.
At this stage, it remains unclear on how the Ukrainian agency's classification will affect the Indian company.
SRK Exports is one of the biggest diamond processing firm globally, sourcing raw diamonds from western global giants such as De Beers, Arctic Canadian Diamond Company and Rio Tinto among others, according to the information available on its website.
SRK, like many other Indian diamond companies, is involved in cutting, polishing and classification these diamonds before exporting them.
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” and introduce “tracing technologies” to track the origin of diamonds.
Indian Diamond Imports from Russia
Restrictions on Russian diamond exports by G7 nations, which are a major market for Indian-processed diamonds, have been affecting vulnerable Indian workers, as previously reported by Sputnik.
Many Indian diamond companies and their workers have been dependent on Russian imports for sustaining their businesses.
In fact, Indian Prime Minister Narendra Modi has personally urged the G7 nations to look into the plight of Indian diamond industry workers indirectly affected by restrictions on Russian diamonds, as revealed by Indian External Affairs Minister S. Jaishankar.
According to Indian commerce ministry data, Russia’s diamond exports to India in the first half of this year increased by 35 percent year-on-year (yoy) to reach $616 million.
New Delhi has consistently tried to impress upon the rich countries that the spillover effects of the Ukraine crisis have been affecting the Global South more than the developed world.