US Sanctions Russian State-Controlled Diamond Miner That Controls 30% Of Global Supply: Bloomberg

  • 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.
  • Photo via Wikimedia Commons

Posted In: Russia-Ukraine WarUkraine crisisUkraine-Russia WarNewsCommoditiesMarketsGeneral

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