Diamond cut.  Diamonds are one of Russia’s top ten non-energy exports by value, with exports in 2021 totaling over $4.5 billion. The cut of a diamond greatly affects a diamond’s brilliance; this means if it is cut poorly, it will be less luminous.  (Mario Sarto /Wikipedia Commons) 

By  Gary  Raynaldo    DIPLOMATIC  TIMES

The U.S. continues to punish Russia for invading Ukraine,  slapping another round of sanctions on Moscow’s state-owned diamond mining company Alrosa, the largest such firm in the world.  Alrosa is responsible for 90 percent of Russia’s diamond mining capacity.  The Department of State also redesignated Joint Stock Company United Shipbuilding Corporation (USC), as well as its subsidiaries and board members. 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. 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,” the  Treasury Department said. 

“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. “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.”

-U.S. Treasury Department

ALROSA Russia is Leader of World Diamond Mining Industry 

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. In 2021 Alrosa generated over $4.2 billion in revenue. Diamonds are one of Russia’s top ten non-energy exports by value, with exports in 2021 totaling over $4.5 billion. Alrosa is also responsible for 90 percent of Russia’s diamond mining capacity.

Moscow-listed shares of state-controlled diamond miner Alrosa (ALRS.MM) were down 12% on Friday after the US expanded sanctions on the company

United Shipbuilding Corporation (USC) is a major Russian SOE responsible for developing and building the Russian Navy’s warships. USC is responsible for the construction of almost all of Russia’s warships, as well as those built for foreign customers. Along with re-designating USC, the Department of State designated 28 subsidiaries and eight board members. These actions were also taken pursuant to E.O. 14024.