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Home Headlines Russia diamond producer Alrosa’s annual net profit drops 15.2%
2024 02 28T091433Z 1 LYNXNPEK1R09X RTROPTP 4 ALROSA DIAMONDS scaled

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

by Uma Rajagopal
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Russia diamond producer Alrosa’s annual net profit drops 15.2%

MOSCOW (Reuters) -Russia’s sanctions-hit diamond producer Alrosa on Wednesday reported 2023 net profit of 85.18 billion roubles ($925 million), down 15.2% from the previous year.

Turnover was up 9.2% 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.

($1 = 92.0625 roubles)

(Reporting by Reuters; Editing by Alexander Smith)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.