In a recent development, the European Union has sanctioned Alrosa, the largest diamond mining company globally, along with its CEO, Pavel Alekseevich Marinychev. European foreign policy

chief Josep Borrell confirmed this decision on X.

This action aligns with the EU's updated sanctions, endorsed in December, that involve prohibiting imports of Russian diamonds. The implementation of this ban had encountered delays, primarily due to opposition from Belgium.

Belgium houses the world's primary diamond trading hub in Antwerp, where a quarter of the diamonds traded originate from Russia. Ukrainian President Volodomir Zelensky made a direct plea to Belgium in 2022, emphasizing that "peace holds far more value than diamonds."

Following suit, the Group of Seven (G7) nations also declared a parallel ban in December. To enforce import restrictions, the G7 emphasized the need for an improved tracking system to ascertain the origin of diamonds. These measures are slated for gradual implementation throughout 2024.

Similar to past sanctions, the core objective remains curtailing Russia's financial resources for the conflict in Ukraine. Alrosa has yet to issue a response to Borrell's announcement. Photo by Swamibu, Wikimedia commons.