EU adds Alrosa and CEO to sanctions list

The European Union has added top diamond producer Alrosa as well as its CEO, Pavel Alekseevich Marinychev, to its sanctions list.

The EU’s foreign policy chief Josep Borrell announced the ban on Wednesday on social media platform X.

Last month, G7 nations announced a direct ban on Russian diamonds starting on Jan. 1. 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.

Alrosa 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.