Diamond Prohibition: The largest manufacturer of the Russian Federation is left without earnings through sanctions

According to journalists, in 2023 the profit of the largest diamond company in the world of "Alros" decreased to $ 925 million. Against the background of international sanctions for the war against Ukraine in Russia, the largest producer of Alros diamonds began to lose profit. According to Reuters, the annual net profit of the company decreased by 15. 2%. It is noted that the company recently reported on the annual net profit for 2023. According to the Russians, the company earned 85.

18 billion rubles ($ 925 million). This is 15. 2% less than in 2022, although in Alros claim that the company's turnover increased by 9. 2%. "In January, the European Union added the largest diamond manufacturer in Russia to its sanction list because of the full -scale invasion of Russian troops into Ukraine," the publication reads. It should be noted that "Alros" is the largest diamond business in the world owned by the Russian state. It accounts for more than 90% of all diamond production in Russia.

It generates significant revenue by the Government of Russia, and is an important part of the economy of the aggressor country. The ban on the trade of Russian production diamonds was launched on January 1, 2024. The corresponding decision was made within the 12th Package of the European Union sanctions against Russia. Within the framework of the measures, there will be a ban on direct or indirect imports, purchase or transmission of diamonds from the Russian Federation.

At the same time, restrictions on Russian diamonds that are processed in third countries should be introduced on March 1. The sanctions will apply until September 1 this year. Also, 12 sanctions package provides restrictions on technology used by Russia for military purposes. It is about: recall, in Ukraine it is said that Russia is still able to bypass sanctions. Yes, the aggressor country buys components abroad and uses them to create weapons.