The European Union targets Russia's diamond industry in its latest round of Ukraine war sanctions

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The European Union is imposing sanctions on Russia over its war against Ukraine, targeting the lucrative diamonds industry as well as more than 140 officials, companies and organizations

BRUSSELS — The European Union said Monday that it has imposed fresh sanctions on Russia over its war against Ukraine, targeting the lucrative diamonds industry, more than 140 officials and organizations, and closing loopholes that Moscow has used to bypass previous punitive measures.

It’s the 12th round of sanctions and restrictions that the EU has slapped on Russia since President Vladimir Putin ordered his troops into Ukraine almost two years ago. The measures have targeted the energy sector, banks, companies and markets, and made over 1,000 Russian officials subject to asset freezes and travel bans.

EU headquarters said the latest measures would “deliver a further blow to Putin’s ability to wage war by targeting high-value sectors of the Russian economy and making it more difficult to circumvent EU sanctions.”

The import, purchase or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewelry will be banned starting Jan. 1. The ban applies to diamonds originating in Russia, exported from Russia and transiting through Russia, as well as Russian diamonds processed elsewhere.

The EU estimates the diamond sector to be worth around $4.5 billion each year to Moscow.

The new round of sanctions also obliges EU companies to prohibit in their contracts the export of certain goods so buyers can’t sell them on to Russia, particularly “sensitive goods and technology” that could be used by the Russian armed forces in Ukraine.

Additional chemicals, lithium batteries, thermostats, certain electric motors that could be used