Alrosa, the world's largest diamond producer, is owned by the Russian state.
European the union has imposed sanctions against the world's largest diamond producer, the Russian Alrosa.
Sanctions were also imposed on the company's CEO Pavel Marinytchev against.
“Alrosa is a state-owned company operating in Russia that specializes in the search, mining, processing and sale of diamonds. Alrosa is the world's largest diamond mining company. The diamond industry is strategically important for the economy of the Russian Federation, as it is the country's largest export sector after energy exports,” the decision of the Council of the European Union says.
Alrosa's share of all Russian diamond production is more than 90 percent.
“Alrosa is also a long-term partner of the Russian Armed Forces, as it has been the sponsor of a Russian Navy submarine since 1997.”
The decision was made in cooperation with the G7 countries, which announced a similar ban in December. The sanctions stem from Russia's war of aggression in Ukraine.
Western countries imposed sanctions have cut off the Russian state, commercial banks and companies from the international financial markets. The central bank's foreign investments worth about 300 billion dollars have been frozen.
Due to the sanctions, Russia is unable to buy high-tech from Western countries. The European Union has also set a price ceiling for Russian crude oil of USD 60 per barrel.
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