As part of the 14th package of sanctions, the European Commission clarified the restrictions against Russian diamonds. The regulator’s press release states that the EU ban on diamond imports from Russia does not apply to stones exported from Russia before the restrictions were introduced. Temporary import or export of jewelry for trade shows or repairs is also permitted. Against the backdrop of this message, ALROSA shares on the Moscow Exchange grew by almost 3.6%.
The European Union banned diamond imports from Russia back in the 12th package of sanctions. “It is clarified that the ban does not apply to diamonds that were in the EU or in a third country (except Russia), or were cut or manufactured in a third country before the ban on Russian diamonds came into force (exemption from compliance with the new rule),” the European Commission press release states.
The new sanctions package also extends the transition period by six months (until March 1, 2025), after which the scheme for full monitoring of imports of cut and polished natural diamonds will become mandatory.
ALROSA shares at 10:58 Moscow time on the Moscow Exchange grew by almost 3.6%, to 73.88 rubles per share. By 12:00 Moscow time, the shares slowed their growth somewhat and were trading at 72.94 rubles per share (+2.31%).