The European Union has imposed sanctions on Russia’s largest diamond mining company Alrosa and its CEO Pavel Marynychev, the EU Council said in a statement.
According to the report, on January 3, the EU Council imposed additional restrictive measures on one person and one organization responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. The measures are aimed at Alrosa and its CEO Marinichev.
The EU Council emphasized that Alrosa is the largest diamond mining company in the world, owned by the Russian state, and accounts for more than 90% of all Russian diamond production. The company is a significant part of the economic sector that generates substantial revenues for the Russian government.
These restrictions are in addition to the ban on the import of Russian diamonds included in the 12th package of economic and individual sanctions, which was adopted on December 18, 2023.
The ban on Russian diamonds is part of the G7’s efforts to develop an internationally coordinated diamond ban aimed at depriving Russia of this important source of revenue.
In total, the EU’s restrictive measures now apply to almost 1,950 individuals and legal entities. The assets of these persons are subject to freezing, and EU citizens and companies are prohibited from providing them with funds.
“Alrosa has also already been subjected to US sanctions in February 2022, immediately after the start of Russia’s war against Ukraine. Companies were prohibited from raising capital through the issuance of shares and bonds in the United States. Later, Alrosa was subject to a U.S. decree that provides for the freezing of assets.
