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 (NYSE: 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
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