The U.S. imposed sanctions against ALROSA and the United Shipbuilding Corporation

Yesterday, the US Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned ALROSA, Russia’s state-owned enterprise and the world's largest diamond miner, which also accounts for 90 percent of the country's diamond mining capacity. The sanctions list also included the United Shipbuilding Corporation, its subsidiaries and members of the board.
This is stated in a press release published on the website of the US Department of the Treasury, which notes that these measures are aimed at cutting off additional sources of revenue for the Government of the Russian Federation in connection with the situation in Ukraine.
“Today OFAC is expanding previous sanctions by designating Alrosa pursuant to E.O. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the GoR. Alrosa has also been sanctioned by Canada, the United Kingdom, New Zealand, and the Bahamas. All entities owned 50 percent or more, directly or indirectly, by Alrosa are blocked under E.O. 14024, even if not separately designated or identified by OFAC,” the US Treasury Department said in its statement.
“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,” the Treasury Department said.
Explaining the implications of the sanctions introduced the statement said, “As a result of today’s action, all property and interests in property of the persons above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or otherwise exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.”

Vladimir Malakhov, Rough&Polished