The European Union imposed sanctions against ALROSA and its CEO Marinychev

European Union sanctions against the Russian diamond mining company ALROSA and its CEO Pavel Marinychev have come into force . They were approved on December 21, 2023, but only began to take effect now.

ALROSA has “a long-standing partnership with the Russian Armed Forces, having sponsored a submarine for the Russian Navy since 1997,” according to the justification for the EU sanctions .

The justification for the sanctions against Marinychev states that he is the HEAD of the largest diamond mining company in the world, and “the diamond industry is of strategic importance for the economy of the Russian Federation, since it is the country’s largest non-resource export” and provides “financial support to the government of the Russian Federation” in the situation with Ukraine .

On December 18, the European Union finally agreed and put into effect the 12th package of sanctions against RUSSIA, which included restrictions on the import of non-industrial diamonds produced or processed in Russia.

“The EU is introducing a ban on the direct or indirect import, purchase or transportation of diamonds from Russia. This ban applies to diamonds originating in Russia, diamonds exported from Russia, diamonds in transit through Russia and Russian diamonds processed in third countries,” the European Commission said in a statement.

Their import into EU countries is prohibited from January 1, 2024 . An indirect ban on the import of Russian diamonds processed in third countries, including jewelry of Russian origin, will be gradually introduced from March 1, with imports finally banned by September 1, 2024.

The decision of the European Union was supported by the G7 countries - from January 1, 2024, the ban of the G7 countries ( usa , CANADA , Germany , UK , France , Italy and Japan ) on the import from Russia of non-industrial natural diamonds, artificial diamonds and jewelry containing diamonds.

Among other things, from March 1, 2024, the G7 countries will limit the import of Russian diamonds from 1 carat that were processed in third countries, the G7 statement said. At the same time, a mechanism for checking and certifying rough stones in order to strengthen these measures is planned to be created by September 1, 2024.

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The Kremlin assessed the introduction of the 12th package of EU sanctions as evidence of the exhaustion of areas in which sanctions can be introduced. Presidential spokesman Dmitry Peskov said at the time that Russia was pursuing options to circumvent EU sanctions on diamonds in order to protect its interests.

ALROSA  is the largest diamond mining company and the world leader in terms of diamond production and reserves. Its mining assets are located in the Republic of Sakha (Yakutia) and the Arkhangelsk region. Trade offices and representative offices operate in all world diamond centers. The main shareholders of ALROSA are the Russian Federation and Yakutia.