The EU's 12th package of sanctions against the Russian Federation was supplemented by restrictions on Alrosa PJSC and its CEO Pavel Marinychev.
These restrictions are part of EU ban on imports of Russian diamonds that came into effect on January 1, 2024. Under these restrictions, the assets of Alrosa PJSC and Pavel Marinychev held in the EU will be frozen. Pavel Marinychev will also be the subject of a travel ban, which prevents him from entering or transiting through EU territories.
The company has already been subject to similar sanctions in the US.
Alrosa PJSC is the largest diamond-mining company in the world, which is specialised in the exploration, mining, manufacture and sale of diamonds. The company accounts for over 90% of all Russian diamond production.
The diamond industry is strategically important for the economy of the Russian Federation, as it is the top non-energy export of the country, this was the reason for implementing sanctions on PJSC Alrosa.
Nadmitov, Ivanov & Partners Law Firm advises on sanctions and Russian counter-sanctions.
Email: info@nplaw.ru
Tel.: +7 (495) 649-87-12