EU sanctions Russian diamonds

RUSSIA / FSU POLITICS - In Brief 06 Jan 2024 by Alex Teddy
On January 3 the European Union announced an immediate ban on diamonds from the state-run Alrosa. Its CEO is also sanctioned, meaning his assets in the EU are frozen and he is unable to travel to the EU. Alrosa is the largest diamond mining company on the planet. The ban covers synthetic as well as natural diamonds. Alrosa produces 90% of Russia's diamonds. The rationale for the sanctions is that the company funds the government and thus the Ukraine War. Russia takes in over USD 4 billion from diamond exports in 2022. As of September 2024 there will be a ban on Russian diamonds that are processed abroad. The EU said it needs to establish a system with other G7 nations to trace diamonds from Russia. The origins of diamonds are often unclear, especially when they are cut. 

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