War in Ukraine: the world’s largest diamond producer, Russian, sanctioned by the EU
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A measure that wants to hit the Kremlin in the wallet. The European Union announced on Wednesday that it had taken sanctions against the Russian diamond giant, the public group Alrosa, and its CEO, as part of a package of measures adopted in December following the Russian invasion of Ukraine.
The Twenty-Seven added Alrosa, the largest diamond producer in the world, and its boss Pavel Marinychev, to its blacklist of entities and personalities subject to these sanctions, which essentially provide for an asset freeze and a ban residence in the EU.
According to the EU, Alrosa, which produces 90% of Russian diamonds, “constitutes an important part of an economic sector providing substantial revenue to the Russian government”.
A 12th package of sanctions
European sanctions on natural or synthetic diamonds and jewelry came into force on January 1. Those decided against Russian diamonds cut in third countries will come into force in September.
This is the 12th package of EU sanctions since Russia’s invasion of Ukraine on February 24, 2022. Moscow is accused of financing part of its war against Ukraine through the lucrative diamond trade, which represents a turnover of approximately four to five billion dollars per year.
Belgium has lifted its reservations about these sanctions, decided by the G7 countries, and proposed solutions, in particular through a tracking system to make them effective without penalizing its own industry, flourishing in Antwerp (north-west) .
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