Russia is actively exploring ways to bypass European Union sanctions targeting its diamond trade, according to Dmitry Peskov, the press secretary for Russian dictator Vladimir Putin, on Dec. 19.

More EU sanctions are on the horizon and Russia has made advanced preparations to handle them, Peskov said.

Read also: Austria blocks 12th EU Russia sanctions package over Raiffeisen Bank — report

“I don’t think there are no options to bypass these sanctions. They exist and will be implemented,” he said.

The European Union imposed its 12th package of sanctions against Russia on Dec. 18. The EU’s measures include a ban on importing, purchasing, or transferring diamonds from Russia.

Read also: Ukraine submits proposals for 13th batch of EU sanctions

Josep Borrell, the High Representative for Foreign Affairs and Security Policy, clarified that the primary objective of this sanctions package is to weaken the Russian economy. Bloomberg added that the cumulative impact of the new sanctions is expected to dent trade with Russia by approximately $5.3 billion.

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