US extends Russian diamond import authorisation for one year

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has extended for one year, until September 1, 2027, an authorisation allowing the import of Russian-origin diamonds into the United States.

According to the OFAC license, the authorisation applies to diamonds that were exported from Russia before the relevant US sanctions were imposed, Caliber.Az reports.

Diamonds weighing one carat or more may be imported into the US if they were exported from Russia after March 1, 2024, while diamonds weighing 0.5 carats or more may be imported if they were exported after September 1, 2024.

Previously, imports of Russian-origin gem-quality diamonds weighing 0.5 carats or more were authorised only until September 1, 2026.

By Bakhtiyar Abbasov