EU Sanctions Russia's Diamond Mining Giant Alrosa

The sanctions, part of a wider program against Russia's invasion of Ukraine, freeze Alrosa's assets in Europe and ban the import of Russian diamonds.

Russia's state mining company, Alrosa, and its CEO have been added to the European Union's sanctions list, freezing the company's assets in Europe and barring EU citizens and companies from making funds available to the company.
The EU has banned the import, purchase or transfer of Russian non-industrial natural and synthetic diamonds and diamond jewelry from Jan. 1, a measure that applies to diamonds originating in Russia, exported from Russia, transiting through Russia and Russian diamonds processed elsewhere.
Alrosa, which accounts for about 90% of Russia's diamond production, generates about $4.5bn in revenue each year.
Despite the sanctions, it is expected that Russia will pivot towards its growing customer base in China and India, as the oil and gas sector has.
The sanctions are part of a wider program to punish Moscow for its invasion of Ukraine, and the EU has now imposed sanctions on almost 1,950 people and entities over what it says are 'actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.'