The United States has expanded its sanctions to include Miuz, a major jewelry retailer, and Kristall, a leading diamond cutter in Russia. Both companies have been added to the Specially Designated Nationals (SDN) List by the US Treasury Department.
Kristall, known as Russia’s largest diamond cutting firm, now faces restrictions under the SDN List. The company, headquartered in Smolensk, has been a subsidiary of Alrosa, which has been sanctioned since April 2022 following Russia’s invasion of Ukraine.
In addition, Miuz Diamonds, which operates production facilities in Moscow and Perm and boasts a network of 300 retail locations, has also been sanctioned. Miuz is part of the Ruiz Group, a diamond and jewelry conglomerate associated with Israeli billionaire Lev Leviev.
The timing of these sanctions raises questions, as it is unclear why these companies were not previously included in the sanctions list.
The new sanctions, announced on August 23, affect nearly 400 individuals and entities within Russia and internationally.
Deputy Secretary of the Treasury Wally Adeyemo explained the rationale behind the sanctions, stating, “Russia has turned its economy into a tool for supporting the Kremlin’s military-industrial complex.” He added, “These measures are part of the ongoing efforts by President Biden and our G7 allies to disrupt Russia’s military-industrial supply chains and financial channels.”
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