Most of the companies are associated with the giant PrJSC ALROSA, which controls more than 90% of diamond production, that is, a third of the world’s volume.
About fifty Russian companies engaged in mining, processing and selling diamonds may be subject to sanctions by Western countries. The number of these Russian companies is indicated in Ukraine’s proposal to the partner states. The Guardian reported this.
It was noted that most of the companies are related to the giant PrJSC ALROSA, which controls more than 90% of diamond production, that is, a third of the world’s volume. This company is already under sanctions regimes in the USA, Canada, Great Britain, New Zealand and several other countries.
As you know, last year the Russian Federation exported diamonds worth more than $3.8 billion. At the same time, some Western countries have banned the import of Russian diamonds, but the restrictions apply only to rough diamonds.
After processing in third world countries, mainly in India and China, Russian diamonds have acquired the status of “mixed” and can be freely supplied to the markets of the G7 countries (which include the USA, France, Great Britain, Germany, Japan, Italy and Canada with the EU).
According to the publication, India, the United Arab Emirates and Belgium are the three largest centers where Russian diamonds can be processed into “mixed” diamonds. The USA, China and the EU are their biggest consumers.
In the past, the Ukrainian National Anti-Corruption Agency (NACP) sent proposals to the Security Service of Ukraine (SBU) and other responsible bodies to impose sanctions against Russian diamond companies with the intention of supporting of Western partners these restrictions.
As reported, the G7 countries will announce an indirect ban on Russian diamonds, which will take effect in January next year.
We remind you that India has suspended the import of Russian diamonds.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.