![]() ![]() ![]() All entities owned 50 percent or more, directly or indirectly, by Alrosa are blocked under E.O. 14024, even if not separately designated or identified by OFAC.ĭEPARTMENT OF STATE TARGETS RUSSIA’S LARGEST SHIPBUILDING COMPANY, SUBSIDIARIES, AND BOARD MEMBERS Alrosa has also been sanctioned by Canada, the United Kingdom, New Zealand, and the Bahamas. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the GoR. Today OFAC is expanding previous sanctions by designating Alrosa pursuant to E.O. 14024, “Prohibitions Related to New Debt and Equity of Certain Russia-related Entities” (Russia-related Entities Directive). On February 24, 2022, OFAC identified Alrosa as subject to prohibitions pursuant to Directive 3 under E.O. Alrosa is also responsible for 90 percent of Russia’s diamond mining capacity. Diamonds are one of Russia’s top ten non-energy exports by value, with exports in 2021 totaling over $4.5 billion. In 2021 Alrosa generated over $4.2 billion in revenue. Public Joint Stock Company Alrosa (Alrosa) is a Russian SOE and the world’s largest diamond mining company, accounting for 28 percent of global diamond mining. TREASURY TARGETS WORLD’S LARGEST DIAMOND MINING COMPANY “These actions, taken with the Department of State and in coordination with our allies and partners, reflect our continued effort to restrict the Kremlin’s access to assets, resources, and sectors of the economy that are essential to supplying and financing Putin’s brutality.” ![]() “These sanctions will continue to apply pressure to key entities that enable and fund Russia’s unprovoked war against Ukraine,” said Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence. Through these designations, Treasury is cutting off additional sources of support and revenue for the Government of the Russian Federation (GoR) to wage its unprovoked war against Ukraine. These actions were taken pursuant to Executive Order (E.O.) 14024. USC is a Russian SOE that develops and constructs the majority of the Russian military’s warships, likely including many of those used to bombard Ukraine’s cities and harm Ukraine’s citizens. The Department of State also redesignated Joint Stock Company United Shipbuilding Corporation (USC), as well as its subsidiaries and board members. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Alrosa, a Russian state-owned enterprise (SOE) and the world’s largest diamond mining company, which is also responsible for 90 percent of Russia’s diamond mining capacity. KDM-Olenek managed to sell just US$100,000 worth of the US$7.4 million of diamonds it mined, and Alamazy Anabara sold US$14.2 million of the mined US$28.8 million, explains the ministry, noting that these two companies closed the nine months with losses.In Combined Action, Treasury and State Target Major Russian Companies A mill is being launched at the small Khara-Maas diamond deposit being developed by KDM-Olenek. Almazy Anabara completed evaluation and exploration work at part of the placer of the Mayat mine, and secured a license to develop the Morgogor industrial placer in the basin of the Ebelyakh River. Diamond mining companies posted combined profits up by 70 percent for the nine month period.Īlrosa prospected for new deposits in the area of its operations in the Malo-Botuobinsky, Daldyno-Alakitsky and Sredne-Markhinsky districts. For the year 2004, total production is expected to top US$2 billion of diamonds in 2004, as compared to US$1.604 billion last year.ĭiamond production for the nine months was up 10 percent in value at AK Alrosa, 27.8 percent at Nizhne-Lenskoye, 30.4 percent at Almazy Anabara and 170 percent at Alrosa-Nyurba. The Republic of Yakutia mined an estimated US$1.154 billion worth of ungraded rough diamonds in the first nine months of 2004, marking an 11.8 percent increase from the comparable period of 2003, says a spokesman for the Republic's Industry Ministry. ![]()
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