FILE – A diamond cutter looks at the facets of a diamond on Friday, May 4, 2018 in Antwerp, Belgium. The European Union announced on Monday, December 18, 2023, that it has imposed new sanctions on Russia over its war with Ukraine. It closes loopholes that the diamond industry, more than 140 officials and organizations, and Moscow have exploited to avoid previous punitive measures. (AP Photo/Virginia Mayo, File)
BRUSSELS (AP) — The European Union on Wednesday imposed sanctions on the world’s largest diamond mining company and its chief executive as part of its “unwavering commitment” to Ukraine in its war with Russia.
The move targeted Alrosa, which accounts for about 90% of Russia’s diamond production, and CEO Pavel Marinichev. The EU headquarters said the company “forms an important part of the economic sector that generates significant revenues” for Moscow.
This means Alrosa’s assets in Europe will be frozen and EU nationals and companies will be prohibited from funding the company. Marinichev, who was appointed CEO for three years last May, also faces a travel ban to Europe.
The EU had already banned the import, purchase and transfer of non-industrial natural diamonds, synthetic diamonds and diamond jewelry from Russia since January 1. The measure applies to diamonds produced in Russia, diamonds exported from Russia, diamonds transiting through Russia, and Russian diamonds processed elsewhere.
“The European Council has confirmed the EU’s unwavering commitment to continue supporting Ukraine and its people for as long as necessary.”
The 27-nation bloc currently targets around 1,950 people and “entities, often businesses, banks, and government institutions” for “acts that undermine or threaten Ukraine’s territorial integrity, sovereignty, or independence.” ‘ have been sanctioned.