Russia-Ukraine War: EU sanctions world’s biggest diamond producer Alrosa

The European Union (EU) imposed sanctions against Russia's state-run Alrosa, a company responsible for approximately 90 per cent of Russia's diamond production and its CEO on Wednesday. This action is part of the EU's ban on importing precious stones from Russia in response to the conflict in Ukraine.In December, the EU had already decided to prohibit diamonds exported from Russia, intensifying sanctions to economically pressure the Kremlin. The EU headquarters stated that Alrosa "constitutes an important part of an economic sector that is providing substantial revenue" to Moscow.It means Alrosa’s assets in Europe will be frozen and EU citizens and companies will be barred from making funds available to the company. Marinychev, who was appointed CEO last May for three years, also faces a travel ban in Europe.The EU had already banned the import, purchase or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewellery from Jan. 1. The measure applies to diamonds originating in Russia, exported from Russia, transiting through Russia and Russian diamonds processed elsewhere.“The European Council confirmed the EU’s unwavering commitment to continue to support Ukraine and its people for as long as it takes,” it said.The 27-nation bloc has now imposed sanctions on almost 1,950 people and “entities,” which are often companies, banks or government agencies, over what it says are “actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.”With inputs from AP.