delete The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2024
The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2024 prohibit the import of Russian diamonds processed in third countries (effective March 2024 for stones ≥1 carat, September 2024 for ≥0.5 carats). The regulations also prohibit related technical assistance, financial services/funds, and brokering services. Violations constitute criminal offences with defences for those who did not know or suspect the connection.
Sanctions are a coercive intervention in voluntary market exchange that raise prices for British consumers and impose compliance costs on legitimate businesses. Diamond sanctions particularly harm UK jewellery retailers and traders while Russia continues selling through non-aligned third countries, making the policy ineffective at achieving its stated geopolitical goals. The criminal offence provisions create overcriminalisation risks for ordinary business activities. Such economic restrictions on consensual trade should be removed to restore Britain's free-trading heritage.