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Alrosa, as well as CEO Pavel Marinychev, have been added to the Official Journal of the European Union as people and entities whose funds and economic resources are to be frozen. | Source: Bloomberg
Alrosa, as well as CEO Pavel Marinychev, have been added to the Official Journal of the European Union as people and entities whose funds and economic resources are to be frozen. | Source: Bloomberg

Ukraine conflict: European Union hits Alrosa CEO with sanctions

The European Union (EU) has added Russian diamond mining company Alrosa to its sanctions list as a punitive response to the ongoing conflict in Ukraine.

Alrosa, as well as CEO Pavel Marinychev, have been added to the Official Journal of the European Union as people and entities whose funds and economic resources are to be frozen.

The EU also forbids its citizens and companies from making funds and economic resources available to/or for the benefit of the people on the list.

Josep Borrell Fontelles, EU
Josep Borrell Fontelles, EU
"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."
Josep Borrell Fontelles, EU

In a statement, the European Council said that Alrosa and Marinychev are “responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.”

“The company constitutes an important part of an economic sector that is providing substantial revenue to the government of the Russian Federation.”

The statement added that EU sanctions relating to the war in Ukraine now apply to almost 2,000 individuals and entities.

Josep Borrell Fontelles, the EU’s high representative for foreign affairs, said the sanctions are designed to restrict Russia’s economic influence. 

"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," Fontelles said.

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

In early December, the G7 nations announced plans to prohibit the import of Russian diamonds in a multi-stage process beginning this month.

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