# Russia diamond producer Alrosa’s annual net profit drops 15.2%
Published: 2024-02-28
Category: Headlines
Category URL: https://entrepreneurtribune.com/category/headlines/
Meta Title: Alrosa's 2023 Net Profit Falls 15.2% Amid Sanctions
Meta Description: Alrosa's 2023 net profit falls to $925 million, a 15.2% decline. Learn about the impact of sanctions on Russia's largest diamond producer.
URL: https://entrepreneurtribune.com/russia-diamond-producer-alrosas-annual-net-profit-drops-15-2/

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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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