The European Union sanctioned the world’s largest diamond mining business and its CEO on Wednesday as part of its “unwavering commitment” to Ukraine in its fight against Russia.
The action was directed against Alrosa, which accounts for over 90% of Russia’s diamond production, as well as CEO Pavel Marinychev. According to the EU headquarters, the corporation “constitutes an important part of an economic sector that provides significant revenue to Moscow.”
It means that Alrosa’s assets in Europe would be blocked, and EU residents and businesses will be prevented from transferring payments to the corporation. Marinychev, who was appointed CEO for three years in May, is also barred from traveling in Europe.
Since January 1, the EU has prohibited the import, acquisition, or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewelry. The measure applies to Russian diamonds, diamonds exported from Russia, diamonds transiting through Russia, and Russian diamonds processed overseas.
“The European Council confirmed the EU’s unwavering commitment to continue to support Ukraine and its people for as long as it takes,” it added in a statement.
The 27-nation bloc has now sanctioned about 1,950 people and “entities,” which are frequently firms, banks, or government agencies, for “actions undermining or threatening Ukraine’s territorial integrity, sovereignty, and independence.”
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