Key supply of diamonds caught up in Russia sanctions
CNN
Far-reaching global sanctions against Russia for its invasion of Ukraine are affecting the global supply of a precious commodity -- the diamonds used in jewelry.
President Biden on Friday issued an executive order prohibiting imports of certain products originating in Russia. They include fish, seafood, luxury goods, alcoholic beverages and nonindustrial diamonds.
The ban directly targets Alrosa, which the US government identified as the world's largest diamond mining company, responsible for 90 percent of Russia's diamond mining capacity and accounting for 28%, or nearly a third, of global diamond output.
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