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.
