Editor’s Note
This article has been updated to clarify the European Commission’s statement regarding exemptions to the EU’s ban on Russian diamonds, including stones exported prior to the sanctions and jewelry for temporary exhibition or repair.
The European Commission has clarified the restrictions on Russian diamonds as part of the 14th sanctions package. In a statement, the regulatory authority explained that the EU import ban on diamonds from Russia does not apply to stones that were exported from Russia before the restrictions were imposed. The temporary import or export of jewelry for exhibitions or repairs is also permitted. Following this announcement, shares of ALROSA on the Moscow Exchange rose by nearly 3.6 percent.
The EU had previously banned the import of diamonds from Russia in its 12th sanctions package.
The new sanctions package also extends the transition period by six months (until March 1, 2025), after which a full system for tracing imports of cut and polished natural diamonds will become mandatory.
At 11:00 AM Moscow time, the price of ALROSA shares on the Moscow Exchange rose by nearly 3.6 percent but gave back some gains an hour later, trading down 1.3 percent.
The EU today adopted the 14th sanctions package against Russia. 116 individuals and legal entities are affected by the restrictions. The sanctions also target Russian liquefied natural gas (LNG). As part of the European LNG sanctions, investments in new Russian projects, particularly Arctic LNG 2 and Murmansk LNG, are prohibited.