EU reverses its decision to penalize diamond giant | MENAFN.COM

Saturday, 03 December 2022 10:21 GMT

EU reverses its decision to penalize diamond giant

(MENAFN) The Russian state-owned diamond miner Alrosa has been exempted from the EU's next wave of sanctions, according to EUobserver, citing European Commission materials.

The world's largest diamond mining enterprise by volume was first named in the bloc's seventh penalty package's draft proposal. The company reportedly supplied direct finance for a new Russian naval submarine and funneled billions of euros into the military budget each year.

Alrosa, on the other hand, was left off the final list, which included 29 persons and seven corporate companies. Belgium, which is home to Antwerp, the world's largest diamond trade centre, vetoed the EU ban.

Belgian diplomats and Antwerp Diamond Centre lobbyists have voiced concerns over the relocation, which might cost the city thousands of jobs.

On the announcement, Moscow-traded shares of the diamond miner, which accounts for about 90% of Russia's capacity, rose.

Alrosa, whose exports topped $4.5 billion last year alone, was placed on the US Treasury and State Department's sanction list in April, along with the United Shipbuilding Corporation.


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