Sanctioned Russian diamond mining giant Alrosa reports decline in net profit
Wednesday, 28 February 2024, 13:44
The net profit of the Russian diamond producer Alrosa, which has suffered sanctions, fell by 15.2% in 2023 compared to the previous year.
Source: Reuters
Quote: "Russia's sanctions-hit diamond producer Alrosa (ALRS.MM) on Wednesday reported 2023 net profit of 85.18 billion roubles (US$925 million), down 15.2% from the previous year," the news agency says
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However, its turnover increased by 9.2%, to US$3.5 billion.
Background:
- In December 2023, leaders of the G7 countries agreed to ban the import of non-industrial diamonds from Russia until January, and Russian diamonds will be sold to third countries starting in March.
- In January, the European Union added Alrosa, Russia’s largest diamond producer, to its sanctions list as part of punitive measures imposed against Moscow over the war in Ukraine.
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