Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
The European Union announced on Wednesday it has added Russian diamond miner Alrosa as well as its CEO, Pavel Alekseevich Marinychev, to its sanctions list.
“In line with the diamond ban we have introduced with the 12th package of sanctions, the EU today lists Alrosa, the largest diamond mining company in the world, and its CEO,” EU’s foreign policy chief Josep Borrell said on social media platform X.
In line with the diamond ban we have introduced with the 12th package of #sanctions, the EU today lists Alrosa, the largest diamond-mining company in the world & its CEO.
— Josep Borrell Fontelles (@JosepBorrellF) January 3, 2024
This is part of our coordinated efforts at @G7 level to deprive Russia of this important revenue source. https://t.co/FatCbq4Iit
Last month, G7 nations announced a direct ban on Russian diamonds starting Jan. 1, 2024. This will be followed by phased-in restrictions on indirect imports of Russian gems from around March 1. A new system to trace the origin of the gems will be introduced in September.
“This is part of our coordinated efforts at G7 level to deprive Russia of this important revenue source,” Borrell added.
Founded in 1992, Alrosa now accounts for over 90% of all Russian diamond production.
In total, the EU’s restrictive measures concerning actions that undermine or threaten the territorial integrity, sovereignty, and independence of Ukraine now encompass nearly 1,950 individuals and entities.
Alrosa did not immediately reply to a request for comment.
(With files from Reuters)
