EU sanctions Russia’s largest diamond producer

The EU on January 3 imposed sanctions on Russia's state-run diamond giant Alrosa and its CEO as part of a ban on imports of the precious stones over the war.

The Russian company accounts for more than 90% of all state's diamond production.

"The company is a significant part of the economic sector that generates significant revenues for the Russian government. 

These restrictions are in addition to the ban on the import of Russian diamonds included in the 12th package of economic and individual sanctions adopted on December 18, 2023 in connection with Russia's aggressive war against Ukraine." 

On December 18, the EU adopted the 12th package of economic and individual sanctions against Russia.

Top EU official Josep Borrell says the bloc has proposed "a powerful set of new lists and economic measures that will further weaken the Russian military machine."

The package includes a ban on the supply of machines that can be used to produce weapons.

The EU also wants to ban imports of liquid propane, cast iron, copper and aluminum wire, foil and pipes. The list includes a significant number of additional individuals and legal entities.

The key point of the package remains the embargo on Russian diamonds starting January 1, 2024. The bloc also plans to gradually ban the import of Russian diamonds that have been processed in third-world countries.

The G7 members announced their intention to impose restrictions on Russian diamonds by January 1, 2024, following a virtual summit held on December 6.

At the same time, India called on the G7 countries to postpone the ban on imports of Russian diamonds.

Ukraine's side says Russia will lose €2 billion a year if the new package is on the run.