Editor’s Note
This article reports on the EU’s latest sanctions targeting Russian diamond giant Alrosa and its CEO, part of ongoing measures in response to the conflict in Ukraine.
The European Union announced on Wednesday (January 3, 2024) the imposition of sanctions on the Russian diamond giant, the state-owned group Alrosa, and its CEO, Pavel Marinichev. This measure is part of new sanctions decided in December in response to the Russian invasion of Ukraine.
According to the EU, Alrosa, which produces 90% of Russian diamonds, “is an important part of an economic sector that provides substantial revenue to the Russian government.”
The Moscow government is accused of financing part of its war against Ukraine through the lucrative diamond trade, which generates between $4 billion and $5 billion annually.
This is the twelfth package of EU sanctions since the Russian invasion of Ukraine on February 24, 2022.
Belgium, an EU member state, lifted its reservations regarding these sanctions, which were decided by the G7 countries, and proposed solutions, including a tracking system to make them effective without penalizing its flourishing Antwerp diamond industry.