The European Union on Wednesday imposed sanctions on Russian state-owned diamond giant Alrosa and its CEO as part of a ban on imports of gemstones linked to the Ukraine war.
In December, the EU agreed to ban diamond exports from Russia as it tightens sanctions to further strain the Kremlin's coffers.
The 27-nation bloc has blacklisted Alrosa, the world's largest diamond mining company, and its chief executive Pavel Marinychev, who are subject to a visa ban and asset freeze in the EU.
The EU said the company – which accounts for 90 percent of Russia's diamond production – “represents an important part of an economic sector that generates significant revenue for the government.”
Russia's diamond exports amounted to around $4 billion in 2022.
The EU ban on the export of natural and synthetic diamonds from Russia came into force on January 1st.
A ban on processing Russian diamonds in third countries will be gradually introduced by September.
The EU ban came after months of careful negotiations with G7 countries to set up a system to trace Russian diamonds.
Belgium, which is home to the world's largest diamond trading hub, insisted the system had to be introduced to make any embargo effective.
The EU has so far imposed 12 rounds of unprecedented sanctions against Moscow since Russian President Vladimir Putin launched the all-out invasion of Ukraine in February 2022.
But the Russian economy has so far been able to adapt to the sanctions and disruption caused by the conflict
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