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Canada Takes Stand Against Russian Diamonds

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Canada’s Stance Against Putin’s Regime

Canada continues to demonstrate unwavering resilience in the face of tyranny, with Minister of Foreign Affairs, MΓ©lanie Joly, voicing vehement opposition to the Putin Regime. The economic barriers imposed by Canada, in conjunction with global allies, stand as a formidable shield against the atrocities witnessed during Russia’s illegal invasion of Ukraine.

Russia, a dominant force in the rough diamond sector, possessed a production value of approximately $4.7 billion in 2022. Furthermore, as a key exporter of diamonds and diamond-related products, its total export value soared to around $5.2 billion in the same year.

G7’s Impact on the Diamond Market

The G7 nations collectively wield immense power in the world diamond market, representing a staggering 70% share. The collaborative efforts of these countries underscore the magnitude of influence in shaping global trade policies.

Canada’s Swift Responses to Russian Aggression

Post the egregious invasion of Ukraine by Russia in 2022, Canada took decisive action by sanctioning Russia’s state-owned diamond giant, Alrosa. In addition, the removal of Russia’s most-favoured nation status elicited a significant consequence – a hefty 35% tariff imposition on all Russian imports to Canadian shores.

This punitive measure caused a substantial plunge in the value of Russian imports, with figures plummeting from $327,224 in 2022 to a mere $13,440 for the initial eight months of 2023. A stark revelation of the reverberating repercussions of stringent economic sanctions.

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