The Biden administration on Thursday announced it is levying sanctions against Russia’s largest military shipbuilding and diamond mining companies.
The move blocks their access to the U.S. financial system as the United States looks to exact more economic pain on President Vladimir Putin for the invasion of Ukraine.
Alrosa is the world’s largest diamond mining company and accounts for about 90% of Russia’s diamond mining capacity, according to the U.S. Treasury Department.
Alrosa generated over $4.2 billion in revenue in 2021. Diamonds are one of Russia’s top 10 non-energy exports by value.
The State Department also said it was blacklisting the United Shipbuilding Corporation, as well as its subsidiaries and board members.
The moves against the two-state owned companies come a day after the U.S. announced it was targeting the two adult daughters of President Vladimir Putin, two of Russia’s largest banks and banning new American investment in Russia.
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