Russia’s Alrosa Diamond annual profit drops by 15.2%

Russian Alrosa Diamond’s net profit for 2023 reached 85.18 billion roubles ($925 million), a 15.2 per cent decrease from the year before, as the country is hit with sanctions, Reuters reported on Wednesday.

Revenue increased by 9.2 per cent to 322.6 billion roubles.

In December, the Group of Seven (G7) leaders decided to outlaw Russian non-industrial diamonds by January and Russian diamonds sold by third parties starting in March.

As part of its punitive measures against Moscow over the conflict in Ukraine, the European Union added Alrosa, the country’s largest diamond producer, to its list of sanctioned companies in January.

($1 = 92.0625 roubles)