Page 134 - RusRPTOct23

accountability, and inclusivity" in a letter obtained by the FT.
Antwerp World Diamond Centre (AWDC) clarified that it provided "technical advice" to the Belgian government, and the final proposal was submitted to G7 countries and the European Commission after extensive government-to-government consultations over the summer. A senior Belgian government official stressed that the proposal was a government initiative with inputs from the Belgian diamond industry and other G7 members.
Several proposals for a G7 mechanism to trace the origin of diamonds exist, including one from the World Diamond Council, a global industry group. The role Antwerp will play in these proposals if sanctions are imposed remains uncertain.
According to a version of AWDC's proposal seen by the FT, Antwerp would serve as the "gatekeeper" responsible for verifying the non-Russian origin of rough and polished diamonds entering the G7 system.
9.2.12 Mines and Minerals - steel & iron
9.2.13 Mines and Minerals - fertilisers
Russia’s steel production up by 3.9% y/y in January-August to 50.8mn tonnes — WSA. Steel production in August 2023 by Russia, Ukraine, and other CIS countries amounted to 7.5mn tonnes, which is 10.7% more than a year earlier
Beijing asked some of its main traders of urea, a widely used nitrogen fertilizer, to suspend exports IN September. Global benchmark prices jumped, adding to a three-month rally driven by robust demand and prescient worries about Chinese restrictions. Many countries depend on such nutrients to ensure they can feed their populations. In India for example, a heavy user of urea, the curbs threaten to push up subsidy bills and fan food inflation, a frustration for Narendra Modi’s government as elections approach.
9.2.15 Transport corporate news
Billionaire Ziyavudin Magomedov, sentenced to 19 years in prison, has filed a lawsuit in a British court seeking almost $14 billion in compensation for assets confiscated from him after his 2018 arrest. The key defendants in the lawsuit include Russian state-owned companies Rosatom and Transneft, American investment fund TPG, and UAE port operator DP World. Magomedov alleges that they were part of a conspiracy approved by the Russian government to seize his assets. The claimed amount of $13.8 billion is a record for the High Court of London. The lawsuit primarily
134 RUSSIA Country Report October 2023 www.intellinews.com