Sanctioned Russian diamond mining giant Alrosa reports decline in net profit

The net profit of the Russian diamond producer Alrosa, which has suffered sanctions, fell by 15.2% in 2023 compared to the previous year.

Source: Reuters

Quote: "Russia's sanctions-hit diamond producer Alrosa (ALRS.MM) on Wednesday reported 2023 net profit of 85.18 billion roubles (US$925 million), down 15.2% from the previous year," the news agency says 

However, its turnover increased by 9.2%, to US$3.5 billion.

Background:

• In December 2023, leaders of the G7 countries agreed to ban the import of non-industrial diamonds from Russia until January, and Russian diamonds will be sold to third countries starting in March.
• In January, the European Union added Alrosa, Russia’s largest diamond producer, to its sanctions list as part of punitive measures imposed against Moscow over the war in Ukraine.

Support UP or become our patron!