European Union shows ‘unwavering commitment' to Ukraine, sanctions world’s biggest diamond mining company

By Team Asianet Newsable | First Published Jan 3, 2024, 7:30 PM IST

The European Union has made a move to further tighten its grip on the Russian economy and Vladimir Putin's associate companies. The EU brought new sanctions on the World’s biggest diamond mining company, Alrosa. The company has been one of the key contributors to the Russian economy after the era of sanctions.

The European Union on Wednesday took a bold step to further its cause towards Ukraine in the Russia-Ukraine war. The headlines nowadays are captured mostly by the Israel-Hamas conflict as the reportage on the Russia-Ukraine war has slowly disappeared.

However, both the countries' militaries are active on the border. Ukraine and Russia have also attacked each other post the New Year. There is little information regarding the escalation on the Eastern border of Ukraine. On the other hand, the West is trying to impose stronger sanctions on Russia.

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European Union decided to sanction the world's biggest diamond mining company on Wednesday. The unwavering commitment to Ukraine resulted in sanctioning Alrosa and CEO, Pavel Marinychev. Alrosa also holds a monopoly in Russia as it controls 90 percent of the diamond market in Russia. EU believes that Alrosa has been actively contributing to Russia’s economic needs amidst the ongoing war.

The move has been made to further block economic channels for Russia that could have adverse effects on its war efforts against Ukraine. Alrosa's assets will be frozen across Europe and the European Union citizens will also not be able to make any purchase, or transaction with Alrosa. Any diamonds originating in Russia, exported from Russia, and transiting through Russia have been barred entry into the European Union.

EU in a statement said, “The European Council confirmed the EU’s unwavering commitment to continue to support Ukraine and its people for as long as it takes. The 27-nation bloc has now imposed sanctions on almost 1,950 people and “entities,” which are often companies, banks, or government agencies, over what it says are “actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine.”

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