Copyright © 2024 Euromaidanpress.com

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

EU imposes sanctions on Russia’s Alrosa, world’s largest diamond mining company

The “Alrosa” submarine. Source: Ukrainska Pravda
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 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: 

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here



    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts