The EU has imposed sanctions on Russia's largest diamond producer

The EU has imposed sanctions on Russian state-owned diamond giant Alrosa and its CEO as part of a ban on imports of precious stones because of the war in Ukraine, AFP reported.
In December, the Union agreed to ban diamond exports from Russia as it tightens sanctions to further drain the Kremlin's coffers.
The bloc added Alrosa, the world's largest diamond mining company, and its CEO Pavel Marinichev to the blacklist, which is subject to a visa ban and asset freeze in the EU.
The EU said the company, which accounts for 90% of Russia's diamond production, is an important part of an economic sector that provides significant government revenue.
In 2022, diamond exports from Russia will amount to about 4 billion dollars.
The EU ban came into effect on January 1 on natural and synthetic diamonds exported from Russia.
The ban on Russian diamonds processed in third countries will be phased in by September.
The EU's move came after months of grueling negotiations with the G7 countries to set up a system to monitor Russian diamonds.
Belgium, home to the world's largest diamond trading hub, insisted the system had to be in place for the embargo to be effective.
The bloc has so far imposed 12 unprecedented sanctions packages on Moscow since Russian President Vladimir Putin launched an all-out invasion of Ukraine in February 2022.
But the Russian economy has so far managed to adapt to the sanctions and disruptions caused by the conflict. /BGNES