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EU targets world's biggest diamond miner Alrosa as part of Russia sanctions

It means Alrosa's assets in Europe will be frozen and EU citizens and companies will be barred from making funds available to the company

The bigger the diamond and the better the quality, the higher is the price. A one-carat stone will cost upwards of Rs 1.5 lakh, a five-carat will set you back by Rs 15 lakh. Source: Adobe Stock

The European Council confirmed the EU's unwavering commitment to continue to support Ukraine and its people for as long as it takes, it said

AP Brussels

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The European Union imposed sanctions on the world's biggest diamond mining company and its chief executive officer on Wednesday as part of what it called its unwavering commitment to Ukraine in the war against Russia.

The move targeted Alrosa, which accounts for about 90% of Russia's diamond production, and CEO Pavel Marinychev. The EU headquarters said the company constitutes an important part of an economic sector that is providing substantial revenue to Moscow.

It means Alrosa's assets in Europe will be frozen and EU citizens and companies will be barred from making funds available to the company. Marinychev, who was appointed CEO last May for three years, also faces a travel ban in Europe.

 

The EU had already banned the import, purchase or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewelry from Jan. 1. The measure applies to diamonds originating in Russia, exported from Russia, transiting through Russia and Russian diamonds processed elsewhere.

The European Council confirmed the EU's unwavering commitment to continue to support Ukraine and its people for as long as it takes, it said.

The 27-nation bloc has now imposed sanctions on almost 1,950 people and entities, which are often companies, banks or government agencies, over what it says are actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 03 2024 | 5:08 PM IST

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