EU targets world's biggest diamond miner as part of Russia war sanctions

A diamond cutter views facets of a diamond in Antwerp, Belgium on Friday, May 4, 2018. The European Union said Monday, Dec. 18, 2023 that it has imposed fresh sanctions on Russia over its war against Ukraine, targeting the lucrative diamonds industry, more than 140 officials and organizations, and closing loopholes that Moscow has used to bypass previous punitive measures. (AP Photo/Virginia Mayo, File)

BRUSSELS (AP) — The European Union imposed sanctions on the world’s biggest diamond mining company and its chief executive officer on Wednesday as part of what it called its “unwavering commitment” to Ukraine in the war against Russia.

The move targeted Alrosa, which accounts for about 90% of Russia’s diamond production, and CEO Pavel Marinychev. The EU headquarters said the company “constitutes an important part of an economic sector that is providing substantial revenue” to Moscow.

It means Alrosa’s assets in Europe will be frozen and EU citizens and companies will be barred from making funds available to the company. Marinychev, who was appointed CEO last May for three years, also faces a travel ban in Europe.

The EU had already banned the import, purchase or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewelry from Jan. 1. The measure applies to diamonds originating in Russia, exported from Russia, transiting through Russia and Russian diamonds processed elsewhere.

“The European Council confirmed the EU’s unwavering commitment to continue to support Ukraine and its people for as long as it takes,” it said.

The 27-nation bloc has now imposed sanctions on almost 1,950 people and “entities,” which are often companies, banks or government agencies, over what it says are “actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.”