To penalize Russia for its illegal war against Ukraine and to curtail the revenue from its diamond trade that helps finance the conflict, the G7—consisting of the world's leading advanced economies (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States)—has implemented import restrictions on non-industrial diamonds mined, processed, or produced in Russia. While not an official member, the European Union also actively participates in G7 meetings and supports these measures. Given Russia's significant role as a supplier of natural diamonds, these sanctions mark a pivotal step in curbing its economic resources.

The G7/EU declaration, along with the subsequent legislation to be enacted at the EU and member-state levels, imposes a direct and indirect ban on diamonds of Russian origin—both rough and polished—irrespective of where they are polished or traded.

These diamond-related sanctions against Russia are implemented in different stages.