Russia’s Top Diamond Producer Is the Target of New Sanctions by the EU
The European Union has decided to impose sanctions on Pavel Alekseevich Marinychev, the CEO of Alrosa, the largest diamond-mining business in the world, and the Russian government due to the ongoing conflict in Ukraine.
The decision was made public by Josep Borrell, the EU’s head of foreign policy, who said that this addition is a part of the 12th round of penalties. Borrell underlined that the goal is to cut off the Russian government’s vital source of funding.
The Council of the European Union claims that Alrosa accounts for more than 90% of Russia’s diamond output, is important to the nation’s economy, and brings in a sizable amount of money for the Russian government.
The Council clarified that the restriction is intended to prevent Russia from receiving this kind of income, given the significant financial contribution the corporation makes to Russia. As a result of the penalties, all assets belonging to Pavel Alekseevich Marinychev and Alrosa are frozen, meaning that no money from EU individuals or businesses may be transferred to them.
Furthermore, Pavel Alekseevich Marinychev is not allowed to visit or pass through EU countries as a result of a travel ban.
According to financial data, Alrosa’s income for the first half of 2023 was almost €1.7 billion. But after that, profits started to fall, falling by 35 percent.
The majority of Alrosa’s investors are the Russian government and local governments, and over 30% of its shares are made up of floating capital.
In total, around 1,950 people and organizations are subject to restrictive measures imposed by the EU due to actions that compromise Ukraine’s independence, sovereignty, and territorial integrity.
Tagged:DiamondEURussiaSanctions
The decision was made public by Josep Borrell, the EU’s head of foreign policy, who said that this addition is a part of the 12th round of penalties. Borrell underlined that the goal is to cut off the Russian government’s vital source of funding.
The Council of the European Union claims that Alrosa accounts for more than 90% of Russia’s diamond output, is important to the nation’s economy, and brings in a sizable amount of money for the Russian government.
The Council clarified that the restriction is intended to prevent Russia from receiving this kind of income, given the significant financial contribution the corporation makes to Russia. As a result of the penalties, all assets belonging to Pavel Alekseevich Marinychev and Alrosa are frozen, meaning that no money from EU individuals or businesses may be transferred to them.
Furthermore, Pavel Alekseevich Marinychev is not allowed to visit or pass through EU countries as a result of a travel ban.
According to financial data, Alrosa’s income for the first half of 2023 was almost €1.7 billion. But after that, profits started to fall, falling by 35 percent.
The majority of Alrosa’s investors are the Russian government and local governments, and over 30% of its shares are made up of floating capital.
In total, around 1,950 people and organizations are subject to restrictive measures imposed by the EU due to actions that compromise Ukraine’s independence, sovereignty, and territorial integrity.
