Will Russia be Affected by Possible Sanctions?

Russian_flagMoscow: Possible Western sanctions targeting Russia’s diamond export won’t significantly harm the national economy, says Gokhran head Andrey Yurin.

“We are one of the main producers, if we withdraw from Western market the first ones to be damaged are their local companies – they will be out of job,” said Yurin to Rossiyskaya Gazeta.

“Besides, we should remember that diamonds are in high demand on developing markets of growing Eastern nations, such as Arab Emirates and India. They are large consumers and manufacturers. If we withdraw from Western markets they will eagerly purchase our diamond for their industry,” he added.

Yurin reminded that Russia produces about one third of the world diamonds, about 38 mln carats out of 120 mln carats. Currently the figure is only growing.