Indian diamond firm listed in ‘’International war sponsors’’ list by Ukraine

In a decision, which is likely to cause strains in the already strained ties between India and Ukraine, the latter has put a leading Indian diamond firm in the list of ‘’International war sponsors’’ accusing it of sourcing the precious metal from Russia and thus financing the war.

The Mumbai based diamond firm Shree Ram Krishna Exports (SRK), however, dismissed the allegations and said that it complied fully with the international laws and rules while doing its business.

According to its official website, the International Sponsors of War list is maintained by the Ukrainian National Agency on Corruption Prevention (NACP) in connection with the Russia-Ukrainian War, particularly the Russian invasion of Ukraine.

Till last month, the list included 36 companies from 15 countries and 170 individuals who, were accused of doing business with Russia and in turn helping the latter in getting venues and financing the war.

“NACP is the body responsible for implementing the compliance system in the private sector. During compliance procedures, counterparties must undergo integrity checks, including socially responsible business conduct in accordance with OECD standards. The “International War Sponsors” project is a powerful reputational tool for achieving the benevolence of elements of global supply chains, and the exit of international business from Russia. This, in turn, will reduce Russia`s financial and technological ability to kill Ukrainians.”, the Ukraine government website said.

“ISW designation is reputational only. Ukraine does not control the enforcement: it is the global community who acts as the judge, jury, and executioner,” it said.

The direct implications of this classification on SRK remain uncertain. However, SRK Exports isn’t just any diamond firm. Holding a prominent global position, it processes diamonds sourced from renowned Western giants like De Beers, Arctic Canadian Diamond Company, and Rio Tinto, among others. The company, akin to numerous other Indian diamond powerhouses, specializes in cutting, polishing, and classifying diamonds prior to export.