EU imposes sanctions on world’s largest diamond mining company against Russia News
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EU imposes sanctions on world’s largest diamond mining company against Russia

The Council of the European Union (EU) announced new sanctions imposed on the company PJSC Alrosa and its CEO Pavel Alekseevich Marinychev on Wednesday. The EU Council claimed that the sanctions imposed represent the unwavering support for Ukraine’s independence, sovereignty and territorial integrity. The sanction also serves as the Council’s resolute condemnation of Russia’s war of aggression against Ukraine, which manifestly violated the UN Charter.

The decision added PJSC Alrosa and its CEO to the list of sanctioned persons and entities that has been in place since March 2014, after the Russian invasion of Crimea. The EU Council contended that the company accounts for over 90 percent of all Russian diamond production and constitutes a substantial revenue to the Russian government. The EU Council alleged that the company and its CEO are responsible for the annexation of Crimea and the destabilisation of Ukraine by providing financial support to the Russian government and its longstanding partnership with the Russian Armed Forces.

The sanction is also a part of the EU’s twelfth sanction package since February 2022. The package includes a complete prohibition on the trade of diamonds from Russia, including non-industrial natural and synthetic diamonds and diamond jewellery. A later phase-in will also begin in March 2024 to further ban the indirect import of Russian diamonds processed in third countries. Apart from the EU, the member states of the Group of Seven (G7) also committed to impose import restrictions on Russian diamonds in early December.

Apart from the diamond ban, the package includes a “No Russia” clause, which prohibits EU exporters from re-exportation of particularly sensitive goods and technology. The clause intends to cover the items that the Russian military systems used on the battlefield in Ukraine such as aviation goods and weapons. In addition, the sanction package expands the list of import-export controls that could contribute to the technological enhancement of Russia’s defence and security sector, including chemicals, lithium batteries and machinery parts. Furthermore, the sanction package seeks to extend its enforcement and anti-circumvention measures to more goods and objects. Lastly, the package introduces a strengthened information-sharing mechanism to enforce the oil price cap.

With the twelfth sanction package, the EU has applied sanctions to almost 1950 individuals and entities. These sanctions include asset freezes and prohibition of EU citizens and companies from making funds available to sanctioned targets. Sanctioned natural persons are also subject to travel restrictions that prohibit them from entering EU territories.

 

 

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