The European Union added Russia’s Alrosa, the world’s largest diamond producer, and its CEO Pavel Marinychev to the EU sanctions list on Wednesday.
Alrosa and Marinychev were included in the list for “actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.”
The company constitutes an important part of an economic sector that is providing substantial revenue to the government of the Russian Federation.
Alrosa’s inclusion in the sanctions list followed the EU’s decision in December to ban the import, purchase and transfer of natural and synthetic diamonds from Russia, part of the bloc’s 12th package of sanctions against Moscow since the outbreak of the war in Ukraine.
The import ban is due to come into effect on March 1 and initially applies to diamonds and jewellery originating in Russia. From September 1, it could extend to lab-grown diamonds and diamond-containing watches.
The move comes after Russia stepped up strikes on Ukrainian cities over the New Year period.
Alrosa mines more than 90 per cent of diamonds in Russia and about 30 per cent globally.
