EU sanctions Russia's largest diamond producer Alrosa
The Hindu
The European Union imposed sanctions on Russia’s state-run diamond giant Alrosa and its CEO as part of a ban on imports of the precious stones over the Ukraine war
The European Union on January 3 imposed sanctions on Russia's state-run diamond giant Alrosa and its CEO as part of a ban on imports of the precious stones over the Ukraine war.
The EU in December agreed to prohibit diamonds exported from Russia as it tightens sanctions to further sap the Kremlin's coffers.
The 27-nation bloc added Alrosa, the world's largest diamond mining company, and its chief executive Pavel Marinychev to a blacklist subject to a visa ban and asset freeze in the EU.
The EU said the company -- which accounts for 90 percent of Russia's diamond production -- "constitutes an important part of an economic sector that is providing substantial revenue to the government."
Russia's diamond exports totalled around $4 billion in 2022.
The EU's ban went into force on January 1 on natural and synthetic diamonds exported from Russia.
A prohibition on Russian diamonds processed in third countries will be phased in by September.
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