EU Imposes Independent Sanctions on Russia's Largest Diamond Company 'Alrosa'

The European Union (EU) has added the Russian diamond company Alrosa and its CEO Pavel Alekseyevich Marinichev (45) to its independent sanctions list.

Photo by EPA·Yonhap News

On the 3rd (local time), the EU Council stated, "Alrosa is the world's largest diamond mining company owned by the Russian government, accounting for more than 90% of Russia's total diamond production." This highlights Alrosa's significant role in the Russian economy.

Once listed on the independent sanctions list, assets within the EU are frozen, and financial transactions by EU nationals and entities with the sanctioned companies or individuals are prohibited. Entry into the territories of the 27 EU member states is also banned.

The EU added that this measure is intended to complement the 12th package of sanctions against Russia, which primarily focuses on banning imports of Russian diamonds.

Earlier, on the 18th of last month, the EU reached a final agreement on the 12th package of sanctions against Russia. Accordingly, from the 1st of this month, imports of Russian diamonds into the EU have been completely banned. Mixed jewelry containing Russian diamonds processed in other countries will face phased sanctions starting in March.

This is part of a coordinated effort with the Group of Seven (G7) to reduce trade in Russian diamonds and cut off funding for the war. Russia accounts for about one-third of the world's diamond production.