Sanctions-hit Russian diamond mining giant “Alrosa” suffered net profit losses

Sanctions-hit Russian diamond producer Alrosa’s net profit fell by 15.2% in 2023 compared to 2022. This is reported by the Reuters agency.

“Russian diamond producer Alrosa, affected by sanctions, reported a net profit of $925 million in 2023, which is 15.2% less than the previous year,” Reuters reports.
Instead, the turnover increased by 9.2% to 3.5 billion dollars.

In December 2023, the leaders of the G7 countries agreed to ban non-industrial diamonds exports from Russia until January 2024, and Russian diamonds sold to third countries – from March 2024.

In January 2024, the European Union added Alross, Russia’s largest diamond producer, to its sanctions list as part of punitive measures imposed against Moscow over the war against Ukraine.