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.
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