Sanctioned Russian diamond mining giant Alrosa reports decline in net profit

The net profit of the Russian diamond producer Alrosa, which has suffered sanctions, fell by 15.2% in 2023 compared to the previous year.

Source: Reuters

Quote: “Russia’s sanctions-hit diamond producer Alrosa (ALRS.MM) on Wednesday reported 2023 net profit of 85.18 billion roubles (US$925 million), down 15.2% from the previous year,” the news agency says 

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However, its turnover increased by 9.2%, to US$3.5 billion.

Background:

• In December 2023, leaders of the G7 countries agreed to ban the import of non-industrial diamonds from Russia until January, and Russian diamonds will be sold to third countries starting in March.
• In January, the European Union added Alrosa, Russia’s largest diamond producer, to its sanctions list as part of punitive measures imposed against Moscow over the war in Ukraine.

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