According to a statement from the European Council, the new restrictions target the world's largest diamond-mining company, PJSC Alrosa, and its CEO, Pavel Alekseevich Marinychev.
PJSC Alrosa accounts for over 90 percent of all Russian diamond production and is a crucial element of an economic sector that generates significant revenue for the Russian Federation's government.
Having shipped 36,726,246.79 carats of diamonds valued at about US$4 billion in 2022, Russia has been the third largest diamond exporter, according to GlobalEconomy.com.
“The ban on Russian diamonds is part of a G7 effort to develop an internationally coordinated diamond ban that aims at depriving Russia of this important revenue source,” read the European Council’s statement.
Thus far, the EU has imposed restrictive measures on approximately 1,950 individuals and businesses for activities undermining or endangering Ukraine's territorial integrity, sovereignty, and independence.
The EU reminds that the assets of designated individuals or companies have been frozen, and EU residents and corporations are not permitted to make funds available to them. Additionally, natural persons are restricted from entering or transiting through EU territory.
