EU sanctioned company is responsible for mining 90% of Russian diamonds

This Wednesday, the European Union (EU) added PJSC ALROSA, the Russian company responsible for diamond exploration, and executive president Pavel Alekseevich Marinychev to the list of people and organizations sanctioned following the invasion of Ukraine.

In its statement, the EU Council announced that PJSC Alros – “the largest diamond mining company in the world, owned by the Russian state and responsible for 90% of all Russian diamond production” – and Pavel Alekseevich Marinychev were included in the sanctions list of 27 countries. for actions that “threaten the territorial integrity, sovereignty and independence” of Ukraine.

PJSC ALROSA is “an important part of the Russian economic structure” and provides the Kremlin with “substantial income”, which, according to the EU, is used to finance military operations in Ukraine.

The inclusion of the company and its CEO on the EU sanction list comes after 27 countries reached an agreement to ban the import of Russian diamonds included in the 12th sanctions package, approved from February 24, 2022, and to mitigate their consequences. Moscow’s chances of circumventing the restrictive measures introduced by Brussels.

The G7 (Germany, US, France, Italy, UK, Japan and Canada) also agreed in early December 2023 to ban trade with Russia in this sector.

“[A decisão da UE] This is part of a coordinated effort with the G7 to deprive Russia of important sources of income,” wrote EU High Representative for Foreign Affairs Josep Borrell on the social network X.

Diamonds mined and produced for sale by PJSC ALROSA were used to make products from, for example, Tiffany, as well as from Signet Jewelers and Brilliant Earth.

Tiffany suspended its purchases of Russian diamonds in March 2022, nearly a month after Russian troops crossed the border and began a massive invasion that continues nearly two years later.

Thanks to today’s decision, the EU now has 1,950 people and organizations sanctioned for allegedly sponsoring the war in Ukraine.

The sanctions include not only a ban on trade between member states and any entities from the 27 countries, but also an asset freeze and a travel ban within the EU.