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EU targets world’s largest diamond miner as a part of Russia conflict sanctions

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BRUSSELS — The European Union imposed sanctions on the world’s largest diamond mining firm and its chief government officer on Wednesday as a part of what it referred to as its “unwavering dedication” to Ukraine within the conflict towards Russia.

The transfer focused Alrosa, which accounts for about 90% of Russia’s diamond manufacturing, and CEO Pavel Marinychev. The EU headquarters mentioned the corporate “constitutes an necessary a part of an financial sector that’s offering substantial income” to Moscow.

It means Alrosa’s property in Europe might be frozen and EU residents and corporations might be barred from making funds out there to the corporate. Marinychev, who was appointed CEO final Could for 3 years, additionally faces a journey ban in Europe.

The EU had already banned the import, buy or switch of Russian non-industrial pure and artificial diamonds and diamond jewellery from Jan. 1. The measure applies to diamonds originating in Russia, exported from Russia, transiting by way of Russia and Russian diamonds processed elsewhere.

“The European Council confirmed the EU’s unwavering dedication to proceed to assist Ukraine and its folks for so long as it takes,” it mentioned.

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The 27-nation bloc has now imposed sanctions on virtually 1,950 folks and “entities,” which are sometimes firms, banks or authorities companies, over what it says are “actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.”

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