On Jan. 3, the European Union imposed sanctions against Russian diamond miner Alrosa as well as its CEO, Pavel Alekseevich Marinychev (pictured).
The action freezes any assets Alrosa and Marinychev had within the European Union and forbids EU citizens and companies from engaging in financial dealings with either entity.
These sanctions “are part of a G7 effort to develop an internationally coordinated diamond ban that aims at depriving Russia of this important revenue source,” said a statement from the European Commission. In a post announcing them, the European Council press office declared, “The EU will continue to support Ukraine for as long as it takes.”
As of Jan. 1, the EU banned the direct import of rough or polished diamonds from Russia into member nations, including Belgium. A more ambitious effort, targeting diamonds mined in Russia but polished elsewhere, is set to take effect in March. Those restrictions, which will likely involve some form of international blockchain ledger, are being developed in conjunction with the G7.
Both Alrosa and Marinychev are already subject to U.S. sanctions. The U.S. Treasury’s Office of Foreign Assets Control added Alrosa to its Specially Designated Nationals list in April 2022. In July 2023, it sanctioned Marinychev, two months after he took over the miner.
The United Kingdom, which is no longer a member of the European Union, sanctioned Alrosa in May 2023.
Alrosa could not be reached for comment.
(Photo courtesy of Alrosa)
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