Editor’s Note
This article details the EU’s sanctions against Russian diamond giant Alrosa and its CEO, announced on January 3, 2024. The measures are part of the bloc’s ongoing response to the conflict in Ukraine.
On January 3, 2024, the European Union imposed sanctions on Alrosa, the world’s largest diamond mining company, and its CEO Pavel Marinychev.
The EU imposed these sanctions as part of its commitment to Ukraine in the Russia-Ukraine war.
Alrosa produces approximately 90% of Russia’s diamond output.
The company is a significant part of the economic sector that provides substantial revenue to Russia.
Alrosa’s assets in Europe will be frozen.
EU citizens and companies will be prohibited from providing funds to Alrosa.
CEO Marinychev, appointed in May 2023, faces travel bans in Europe.
The EU had already imposed a ban on the import, purchase, or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewelry.
This ban applied to diamonds originating in Russia, exported from Russia, and Russian diamonds processed elsewhere.
The EU has so far imposed sanctions on approximately 1,950 Russian individuals and entities.
Most sanctions have been imposed on companies, banks, or government agencies.