January 3, 2024

EU sanctions Russian diamond company

The European Council has added one person and one entity as targets of restrictive measures against Russia for their role in undermining the territorial integrity, sovereignty or independence of Ukraine.  The new listings target PJSC Alrosa, the largest diamond-mining company in the world, and its chief executive officer Pavel Alekseevich Marinychev.  PJSC Alrosa, a state-owned Russian company, produces over 90% of all Russian diamonds.

The importation of Russian diamonds was banned under the 12th package of economic sanctions imposed in response to Russia’s war in Ukraine, and is part of a coordinated effort on the part of G7 countries to deprive Russia of an important source of revenue.

As noted in the Council’s press release, the European Union has designated approximately 1,950 persons since the start of the war in Ukraine, freezing their assets and forbidding EU citizens and companies from making funds available to them.

Press release