"EU Imposes Sanctions on Alrosa, Russia's Diamond Giant"
The European Union has sanctioned Alrosa, the world's largest diamond producer, and its CEO Pavel Marinychev, in response to Russia's ongoing war in Ukraine. The sanctions include a ban on Russian diamond imports, a visa ban, and an asset freeze within the EU. This move aims to cut off significant revenue for the Russian government, as Alrosa accounts for 90% of Russia's diamond production. The EU's ban on natural and synthetic diamonds from Russia took effect on January 1, with further restrictions to be implemented by September. Despite 12 rounds of sanctions, the Russian economy has shown resilience in adapting to the new economic landscape.