Ban on Russian diamonds: EU imposes sanctions on diamond mining giant Alrosa

The EU Council has added Russian diamond mining giant Alrosa, which accounts for over 90% of all Russian diamond production, and its CEO Pavel Marinichev to its sanctions list on 3 January.

Source: European Pravda, citing the official website of the EU Council on Wednesday, 3 January

Details: The EU Council explained that Alrosa is the world's largest diamond mining company, which belongs to Russia and accounts for more than 90% of all Russian diamond production.

The company is an integral part of the economic sector that provides significant revenues to the Russian government.

Background:

• This decision complements the ban on imports of Russian diamonds included in the EU's 12th package of economic and individual sanctions adopted on 18 December 2023 in response to Russia's aggressive war against Ukraine.
• The ban on Russian diamonds is part of the G7's efforts to deprive Russia of a crucial source of revenue from the diamond trade.
• The EU's restrictive measures against actions that undermine or threaten Ukraine's territorial integrity, sovereignty and independence currently apply to nearly 1,950 individuals and entities.

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