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Alrosa Cautions Against Possible US Sanctions
Aug 1, 2017 3:17 AM
By Joshua Freedman
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RAPAPORT... Alrosa is hoping US sanctions against Russia will not impact its operations, saying any potential action affecting the miner would be detrimental to the global diamond industry.
“We hope that we will not have to face sanctions, and we expect that common sense will prevail,” Alrosa president Sergey Ivanov said in a Russian-language statement last week. “The potential difficulties this may cause in our company will be incomparable with the global consequences for the entire international diamond market, including diamond exchanges in Europe and other countries.”
US President Donald Trump intends to sign a bill imposing sanctions on Russia, the White House announced Friday, after the House of Representatives and the Senate passed it earlier in the week.
The legislation would mean Trump can no longer ease or revoke sanctions against the country, according to Bloomberg. It would also enable the US Treasury to impose sanctions on state-owned mining, metals and railway companies, of which Alrosa is one, the news service said, citing BCS Global Markets and Kapital Asset Management.
However, sanctions would not significantly affect Alrosa’s activities, as it does not borrow from Western banks or rely on American and European technologies for its diamond mining, Ivanov pointed out.
“A small amount of European-made equipment, which is now in use, can be replaced, if necessary, by domestic counterparts,” the executive said.
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Tags:
Alrosa, congress, diamonds, Jewelry, Joshua Freedman, President Trump, Russia
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