War in Ukraine: Britain Announces Sanctions on Alrosa
March 24, 22
(IDEX Online) - The British government today announced sanctions against Alrosa.
It named the diamond producer as one of 65 new Russian businesses and individuals being sanctioned in a move to "to cut off vital industries fuelling Putin's war machine".
A statement from Foreign Secretary Liz Truss (pictured) describes Alrosa as "the world's largest diamond mining company specializing in exploration, mining, manufacture, and sale of diamonds.
"It is headquartered in Mirny, Russia and its market capitalization is reported as an estimated £4.69 billion ($6.2bn)."
No details are provided of the exact nature of the sanctions. The US prohibits importation of rough diamonds but allows in gems that have been cut and polished outside Russia.
We have approached the Foreign Office for clarification.
Sanctions also target strategic industries, banks and business elites, the paramilitary Wagner Group multiple defense companies and Russian Railways.
Alrosa said, in response, that it would "thoroughly study the recent initiative and its potential impact on the company".