The European Union (EU) on January 3 imposed sanctions on Russian diamond giant Alrosa and its CEO, as part of a ban on gem imports from Russia over the war in Ukraine.
Specifically, the 27-nation bloc added Alrosa, the world's largest diamond mining company, and its CEO, Pavel Marinychev, to a "blacklist" subject to visa bans and asset freezes in the EU.
The EU agreed in December 2023 to ban the import, purchase or transfer of natural and synthetic diamonds from Russia. The ban is part of the EU’s long-awaited 12th package of sanctions against Moscow since President Vladimir Putin launched a special military operation in Ukraine.
The import ban will come into effect on March 1, initially covering diamonds and jewellery originating from Russia and expanding to include lab-grown diamonds and watches containing diamonds from September 1.
The ban is part of a broader effort coordinated by the EU and G7 countries to further squeeze Russian state revenues in order to drain the Kremlin’s “war chest.”
PJSC Alrosa, owned by the Russian state, accounts for 90% of Moscow's diamond output, which is expected to be worth around $4 billion by 2022.
“The company is an important part of the economic sector generating significant revenues for the government of the Russian Federation,” the EU said in a statement.
Since Russia moved troops into Ukraine in February 2022, some 1,950 individuals and entities have now been sanctioned by the EU, underscoring the bloc’s firm commitment to continue supporting Ukraine and its people “for as long as it takes . ”
Minh Duc (According to Euronews, RFE/RL)
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