New G7 rules for trade in Russian raw materials
Subject: Impact on 22 carat+ gold, rough diamonds and oil EN590 10 PPM
Introduction:
The G7 has introduced new restrictions on international trade in raw materials from Russia to Europe. These measures aim to limit the Russian government’s revenues and undermine its ability to finance the war in Ukraine.
22 carat+ gold:
No direct embargo, but sanctions and financial restrictions can disrupt trade.
Risk of falling prices due to reduced demand and export difficulties.
Rough diamonds:
Import ban since March 8, 2022.
Significant impact on the diamond market, as Russia is a major producer.
Possible increase in prices of rough diamonds from other countries.
Petroleum EN590 10 PPM:
Ban on imports by sea from December 2022.
Establishment of a ceiling price of 60 dollars per barrel for Russian oil transported by sea.
Risk of higher oil prices due to reduced supply and increased demand for oil from other countries.
Important points:
The rules are still under development and can be changed at any time.
It is important to keep abreast of the latest information by consulting the websites of governments and international organizations.
Conclusion:
These new G7 rules will have a significant impact on the trade of Russian raw materials to Europe. It is important to follow developments and understand the implications for your business.