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Russia's Alrosa agrees to sell some production to the state, source says

Published 27/03/2024, 18:39
© Reuters. FILE PHOTO: A view shows gem-quality stones, including a rare 242-carat rough diamond that will be offered at the 100th international auction of Russian state-controlled diamond producer Alrosa, during a presentation in Moscow, Russia February 25, 2021. P
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MOSCOW (Reuters) - Russia's finance ministry has agreed with sanctions-hit diamond producer Alrosa to purchase part of the company's production in 2024, a source familiar with the matter said on Wednesday.

Interfax news agency earlier on Wednesday reported on the agreement, citing two sources familiar with the matter.

As part of this agreement, state-owned precious metals and gems repository Gokhran purchased the first batch of diamonds from Alrosa this month.

The amount of the transaction is unknown.

© Reuters. FILE PHOTO: A view shows gem-quality stones, including a rare 242-carat rough diamond that will be offered at the 100th international auction of Russian state-controlled diamond producer Alrosa, during a presentation in Moscow, Russia February 25, 2021. Picture taken February 25, 2021. REUTERS/Tatyana Makeyeva/File Photo

Both Alrosa and the finance ministry have not yet responded to Reuters' request for comment.

The European Union added Alrosa, Russia's biggest diamond producer, to its sanctions list in January as part of punitive measures it has imposed on Moscow over the conflict in Ukraine.

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