The European Commission (EC) has approved a proposal to ban the sale of diamonds from Russia, which could have a very negative impact on its economy, Paralel.Az reports citing Oboz.

The Ru now intends to send it to the EU member states for approval. The decision is expected to be made in the coming days.

The ban on imports of Russian diamonds cut or polished in third countries will be introduced later in stages as well: from March to September 2024.

"The phased implementation... takes into account the need to introduce an appropriate tracking mechanism. This will ensure the effectiveness of the restrictions and minimize the negative consequences for market participants," the draft ban says, according to analysts.