European Council sanctions Russian diamond miner PJSC Alrosa

Patrick Hilsman
·1 min read
1
UPI
The European Council proposed measures against the state-owned Russian diamond-mining company ALROSA Wednesday. File Photo by ALROSA Press Service

Jan. 3 (UPI) -- The European Union Wednesday expanded sanctions on Russian diamonds to include a state-run mining company.

The European Council announced sanctions against PJSC Alrosa, which it said accounts for 90% of all Russian diamond production and its CEO Pavel Alekseevich Marinychev.

"The company constitutes an important part of an economic sector that is providing substantial revenue to the government of the Russian Federation," the council said.

The new proposed measure comes shortly after the European Union adopted its 12th sanctions package against Russia in December.

"These designations complement the import ban of Russian diamonds included as part of the 12th package of economic and individual sanctions," the European Council added

The 12th sanctions package focused heavily on the Russian defense industry and banned the import of Russian diamonds.

The European Commission says, "almost 1,950 individuals and entities," have been sanctioned in response to Russia's 2022 full-scale invasion of Ukraine.

The sanctioned individuals can have their assets frozen and are barred from travelling to or via EU nations and are not allowed to access money via European financial institutions.