{"id":33838,"date":"2022-04-05T14:30:03","date_gmt":"2022-04-05T09:00:03","guid":{"rendered":"https:\/\/tradebrains.in\/features\/us-russia-india-diamonds-lawmakers\/"},"modified":"2022-04-05T14:35:03","modified_gmt":"2022-04-05T09:05:03","slug":"us-russia-india-diamonds-lawmakers","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/us-russia-india-diamonds-lawmakers\/","title":{"rendered":"US lawmakers want India to restrict sale of Russian-origin diamonds"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-760657609\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Washington, Apr 5 (PTI) A bipartisan group of American lawmakers has sought the help of the Biden administration in restricting the international trade and sale of Russian-origin diamonds, in view of the massive sanctions that the US and its European allies have imposed on Moscow.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4128380869\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> In a letter to Secretary of State Tony Blinken and Treasury Secretary Janet Yellen, the lawmakers expressed concern that the sanctions issued by the Treasury Department to target Russia\u2019s diamond industry will have a minimal impact on Alrosa and its CEO Sergei Ivanov\u2019s ability to freely operate globally.<\/p>\n<p> Alrosa is the world\u2019s largest diamond mining company.<\/p>\n<p> The company, which reported sales worth USD 4.2 billion last year, is responsible for 90 per cent of Russia\u2019s diamond mining capacity, which accounts for 28 per cent globally.<\/p><div class=\"trade-content_5\" id=\"trade-489234604\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> It is owned one-third by the Russian government, and until recently, had an office in New York City.<\/p>\n<p> Ivanov is the son of one of Putin\u2019s closest allies, Sergei Borisovich Ivanov, who previously served as the Chief of Staff of the Presidential Executive Office, the Deputy Prime Minister and the Defence Minister of Russia and remains a permanent member of the Security Council of the Russian Federation, the letter said.<\/p>\n<p> According to the Congressmen, the February 24 sanctions that listed Alrosa only blocked debt and equity transactions, making a small dent in Russia\u2019s oversized stake in the global diamond trade.<\/p>\n<p> Although an important initial step, along with the designation of Alrosa\u2019s CEO, these have yet to impede trade and revenues that eventually reach the Kremlin.<\/p>\n<p> The administration also announced an import ban on March 11 which would ban \u201cproducts of Russian Federation origin,\u201d including non-industrial diamonds, from entering the United States.<\/p>\n<p> \u201cExperts note a \u201cmajor loophole\u201d remains in the sanctions regime that allows for importation of diamonds manufactured in India or elsewhere because of the interpretation provided in the Office of Foreign Assets Control\u2019s frequently-asked questions,\u201d they wrote.<\/p><div class=\"trade-content-10\" id=\"trade-2769045210\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Namely, the term \u201cRussian Federation origin\u201d excludes goods \u201csubstantially transformed in a third country,\u201d and it has long been the view of Customs and Border Protection that the cutting or polishing of diamonds in a third country would qualify as a substantial transformation.<\/p>\n<p> \u201cA recent report on the diamond industry indicated approximately 95 per cent of the world\u2019s diamonds are cut and polished in India. Thus, as it stands at this time, a diamond can be mined by an Alrosa subsidiary, polished or cut in India or another country, and sold to the United States without any prohibition, making a profit for the Russian government,\u201d wrote the Congressmen.<\/p>\n<p> The lawmakers asked that the Treasury Department reconsider the interpretation of origin that allows for the importation of diamonds from countries that may cut or polish Alrosa\u2019s diamonds.<\/p>\n<p> \u201cSecond, the United States should work with its Indian counterparts, as well as those in trading centers such as Dubai, to ensure they are not being used to line the pockets of those closest to Vladimir Putin,\u201d they said.<\/p>\n<p> Finally, the State and the Treasury Departments should provide guidance to Customs and Border Protection (CBP) and the Department of Homeland Security (DHS) to ensure they prohibit the importation of Russian diamonds into the United States.<\/p>\n<p> The lawmakers said that Putin\u2019s unprovoked and brazen invasion of the sovereign territory of Ukraine should be met with a forceful response from the United States and its partners.<\/p>\n<p> \u201cLuxury goods, especially items like diamonds that are used mainly for export to wealthy nations, should be among the first that Treasury and State Departments consider future action.<\/p>\n<p> \u201cWe ask for your consideration of additional actions that would constrain the Kremlin\u2019s capacity to access revenue from their diamond industry which could fund the invasion of democratic and sovereign Ukraine,\u201d the letter added. PTI LKJ  CPS<\/p>\n<div class=\"trade-after-content\" id=\"trade-1231007180\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Washington, Apr 5 (PTI) A bipartisan group of American lawmakers has sought the help of the Biden administration in restricting the international trade and sale of Russian-origin diamonds, in view of the massive sanctions that the US and its European allies have imposed on Moscow. In a letter to Secretary of State Tony Blinken and [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-33838","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US lawmakers want India to restrict sale of Russian-origin diamonds - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/us-russia-india-diamonds-lawmakers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US lawmakers want India to restrict sale of Russian-origin diamonds\" \/>\n<meta property=\"og:description\" content=\"Washington, Apr 5 (PTI) A bipartisan group of American lawmakers has sought the help of the Biden administration in restricting the international trade and sale of Russian-origin diamonds, in view of the massive sanctions that the US and its European allies have imposed on Moscow. 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