Blood Diamonds, Blood Oil

Mar 10, 2022 | John Jeffay
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Today Russia stands accused of funding its invasion of Ukraine with what critics are calling blood oil. Russia exported $110bn of crude oil in 2021 and $55.5bn of natural gas, a total in excess of $165bn.

On Tuesday, US President Joe Biden announced an import ban on the country's oil and gas. The UK has pledged to sanction oil, though not gas, by the end of the year. The 27-nation European Union remains divided, while other key importers, notably China and Belarus, are unlikely to impose bans.

The world has stopped short of sanctioning Russia's diamonds, which represent almost 30 per cent of world supply, although banking restrictions effectively outlaw their purchase. But if Russia's oil should be treated as "blood oil", an inevitable question follows.  Should its diamonds be treated as "blood diamonds"?  The Kimberley Process, established in 2003, to prevent such gems entering the pipeline, defines them as "rough diamonds used to finance wars against governments".

That said, can it fairly be accused of financing it with diamonds?