On Wednesday 3 January, the Council of the European Union added PJSC Alrosa, which accounts for over 90% of Russia’s diamond production, and its CEO, Pavel Alekseevich Marinychev, to the list of entities and individuals sanctioned by the EU because of the income the company provides to the Russian State and, indirectly, its support for Russia’s military aggression against Ukraine.
These designations complete the ban on the import of Russian diamonds from 1 January 2024, which the EU Council approved in December (see EUROPE 13316/2), as part of a concerted action with the G7 countries.
From March, the EU embargo will be extended to Russian diamonds cut and/or polished in a third country and, from September, to laboratory diamonds, and jewellery and watches containing diamonds.
The export of diamonds brought in around €4 billion for Russia in 2022.
According to the EU Council, nearly 1,950 entities or individuals are targeted by European sanctions in connection with Russia’s military aggression against Ukraine, namely through a freeze on their assets and a ban on natural or legal persons in the EU providing them with financing. Those sanctioned are also banned from entering the EU.
See Council Decision (2024/195) sanctioning PJSC Alrosa and Mr Marinychev: https://aeur.eu/f/a9r (Original version in French by Mathieu Bion)