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EU imposes sanctions against Russian diamond company and its CEO

EU imposes sanctions against Russian diamond company and its CEO EU imposes sanctions against Russian company Alrosa and its CEO (Russian media)
Author: Liliana Oleniak

The EU Council reports imposing additional restrictive measures against Russia's largest diamond mining company Alrosa and its CEO Pavel Marinychev. The company and its CEO were recognized as being involved in the Russian war against Ukraine.

"The new listings target the company PJSC Alrosa and its CEO Pavel Alekseevich Marinychev. PJSC Alrosa is the largest diamond-mining company in the world, owned by the Russian state, and accounts for over 90% of all Russian diamond production," the statement explains.

The EU Council notes that this company is an important part of the economic sector that provides significant revenues to the Russian government.

"The ban on Russian diamonds is part of a G7 effort to develop an internationally coordinated diamond ban that aims at depriving Russia of this important revenue source," the statement said.

Since 2024, the European Union enacted a complete ban on direct imports of Russian rough natural and synthetic diamonds, as well as diamond jewelry.

Currently, the EU sanctions against Russia's aggression cover almost 1,950 individuals and legal entities whose assets are frozen and whose owners are deprived of the opportunity to provide services in the EU.

EU sanctions against Russia

Earlier, the European Union introduced the 12th package of sanctions against Russia. According to the head of European diplomacy, Josep Borrell, the EU has proposed "a powerful set of new lists and economic measures that will further weaken the Russian military machine."

The sanctions package included restrictive measures on the import or transportation of Russian diamonds, import and export controls and restrictions, oil, iron, and steel price caps, and a significant number of additional individuals and legal entities were added to the list.