<p>One of the world’s leading diamond producer Alrosa has been hit by fresh sanctions imposed by the US Department of the Treasury’s Office of Foreign Assets Control, which has placed Alrosa on the Specially Designated Nationals list, which effectively kicks a sanctioned company out of the US banking system and bans its trade with Americans. The measure against the Russian state-owned diamond miner seeks to cut off additional sources of revenue for Moscow. It also affects any entities in which Alrosa has a 50% interest or more, either directly or indirectly. The company’s customers well as other counterparties must stop all dealings with the state-controlled Russian miner by May 7</p><p>Diamonds are one of Russia’s top ten non-energy exports by value, with exports in 2021 totalling over USD 4.5 billion. Alrosa is responsible for 90% of Russia’s diamond output and 28% of global supply, with 32.4 million carats produced in 2021 and sales topping USD 4 billion thanks mainly to consumer demand from the US. </p><p>The Responsible Jewellery Council, the leading standards organization of the global jewellery and watch industry, took steps into that direction in early April and suspended Alrosa’s membership. Alrosa had already withdrawn in March from the Natural Diamond Council, a market alliance of the world’s leading producers of precious stones.</p>
<p>One of the world’s leading diamond producer Alrosa has been hit by fresh sanctions imposed by the US Department of the Treasury’s Office of Foreign Assets Control, which has placed Alrosa on the Specially Designated Nationals list, which effectively kicks a sanctioned company out of the US banking system and bans its trade with Americans. The measure against the Russian state-owned diamond miner seeks to cut off additional sources of revenue for Moscow. It also affects any entities in which Alrosa has a 50% interest or more, either directly or indirectly. The company’s customers well as other counterparties must stop all dealings with the state-controlled Russian miner by May 7</p><p>Diamonds are one of Russia’s top ten non-energy exports by value, with exports in 2021 totalling over USD 4.5 billion. Alrosa is responsible for 90% of Russia’s diamond output and 28% of global supply, with 32.4 million carats produced in 2021 and sales topping USD 4 billion thanks mainly to consumer demand from the US. </p><p>The Responsible Jewellery Council, the leading standards organization of the global jewellery and watch industry, took steps into that direction in early April and suspended Alrosa’s membership. Alrosa had already withdrawn in March from the Natural Diamond Council, a market alliance of the world’s leading producers of precious stones.</p>
