US Lawmakers Want India To Restrict Sale Of Russian-Origin Diamonds
NDTV
According to the Congressmen, the February 24 sanctions that listed Alrosa only blocked debt and equity transactions, making a small dent in Russia's oversized stake in the global diamond trade
A bipartisan group of American lawmakers has sought the help of the Biden administration in restricting the international trade and sale of Russian-origin diamonds, in view of the massive sanctions that the US and its European allies have imposed on Moscow.
In a letter to Secretary of State Tony Blinken and Treasury Secretary Janet Yellen, the lawmakers expressed concern that the sanctions issued by the Treasury Department to target Russia's diamond industry will have a minimal impact on Alrosa and its CEO Sergei Ivanov's ability to freely operate globally.
Alrosa is the world's largest diamond mining company.
The company, which reported sales worth USD 4.2 billion last year, is responsible for 90 per cent of Russia's diamond mining capacity, which accounts for 28 per cent globally.
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