US Sanctions Russian State-Controlled Diamond Miner That Controls 30% Of Global Supply: Bloomberg - Signet Jewelers (NYSE:SIG)

The U.S. Treasury has extended sanctions to Russian diamond miner Alrosa PJSC, potentially cutting off about 30% of the world’s supply of rough stones, writes Bloomberg.
According to a license from the U.S. Office of Foreign Assets Control, clients of Alrosa and other counterparties must stop all dealings with the miner by May 7.
The U.S. restrictions tighten the screws on Alrosa as the risk of cross-sanctions threatens to deter buyers in other regions. The European Union and the U.K. previously imposed sanctions on the miner following Russia’s invasion of Ukraine.
The main markets for Alrosa are the U.S. and Asia, including India.
Last month, U.S.-based jewelers Tiffany & Co and Signet Jewelers Ltd SIG stopped buying new diamonds mined in Russia as pressure builds on companies to cut Russian products from their supply chains.
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