Russian diamond producer Alrosa added to EU sanction list

The world’s biggest diamond producer Alrosa and its CEO Pavel Alekseevich Marinychev have been added to the European Union’s sanction list.

In a post on social media platform X, Josep Borrell, foreign policy chief, said: “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.

“This is part of our coordinated efforts at G7 level to deprive Russia of this important revenue source.”

The news comes after the G7 countries announced a direct ban on Russian diamonds starting 1 January 2024.

The ban applies to importing, purchasing or transferring diamonds from Russia, including laboratory-grown diamonds and diamond jewellery.

Recently, National Association of Jewellers (NAJ) also welcomed the G7’s ban on Russian imported diamonds. However, the group has concerns about how it will be enforced.

Ben Massey, NAJ chief executive, said: “Since May 2023, the NAJ has been engaged in trade talks with government officials and has held working groups with trade representatives and government officials to illustrate possible impacts and highlight the need for a constructive narrative to assure confidence in the market.”