EU imposes sanctions on Russia’s Alrosa, world’s largest diamond mining company
The EU has imposed sanctions on Russia’s state-owned diamond company “Alrosa” and its CEO Pavel Alekseevich Marinychev in… The post EU imposes sanctions on Russia’s Alrosa, world’s largest diamond mining company appeared first on Euromaidan Press.
The EU has imposed sanctions on Russia’s state-owned diamond company “Alrosa” and its CEO Pavel Alekseevich Marinychev in response to Russia’s aggression on Ukraine.
PJSC Alrosa is the largest diamond-mining company in the world which accounts for over 90% of all Russian diamond production, providing substantial revenue to the Russian government.
The company has been subjected to an asset freeze while the CEO has been banned from entering or transiting through EU territories.
“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 EU’s statement reads.
The Kremlin has a large stake in the company which provides $1.5 billion to the country annually by selling precious gemstones to the European Union, as per UN Comtrade.
Diamonds for Putin: Russia is still earning $ 20 bn on metals and gemstones
The enterprise not only helps to finance Russia’s war against Ukraine but also supports the maintenance of the Black Sea fleet combat submarine named after the company — “Alrosa” – a carrier of cruise missiles.
Read more here:
- NYT: Russia bypasses sanctions for Western electronics via Morocco
- French retailer Decathlon keeps trading in Russia despite exit claims – Disclose
- EU adopts 12th package of economic and individual sanctions against Russia
- Russia seeks to expand aviation partnership with seven countries to bypass sanctions
The post EU imposes sanctions on Russia’s Alrosa, world’s largest diamond mining company appeared first on Euromaidan Press.
