Russia diamond producer Alrosa's annual net profit drops 15.2%

Russia's sanctions-hit diamond producer Alrosa on Wednesday reported a 2023 net profit of 85.18 billion roubles ($925 million), down 15.2 per cent from the previous year. Turnover was up 9.2 per cent at 322.6 billion roubles.

Group of Seven leaders agreed in December to ban non-industrial diamonds from Russia by January, and Russian diamonds sold by third countries from March. 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 war in Ukraine.