February 28, 2023

By: Sara E. Yood, Esq. On Friday, February 24, 2023, the G7 leadership announced that they would be working on an additional package of restrictions on diamonds of Russian Federation origin.  This announcement was significantly timed in conjunction with the first anniversary of the illegal Russian invasion of Ukraine and subsequent unjustified war.  These forthcoming sanctions are likely to address the Customs “substantial transformation” pathway that still allows Russia-origin diamonds to enter the U.S. legally if cut and polished in another country. The relevant text of the announcement reads: “[g]iven the significant revenues that Russia extracts from the export of