Angola seeks to remove Russia from their joint diamond mining business. Due to sanctions imposed on Russia, suppliers and banks are refusing to work with their company.
According to the Angolan publication Expansão, Angola is forcing Russia's largest diamond company, Alrosa, to exit the joint venture Sociedade de Catoca, which owns the fourth-largest diamond mine in the world.
According to the publication, representatives of the Angolan government met with their Russian counterparts in Dubai last week to resolve the issue of Alrosa's withdrawal from Sociedade Mineira de Catoca.
Expansão reports that diamond production at the mine has decreased, and many suppliers and banks are refusing to work with Catoca due to its ties with Russians.
Currently, the Russian company Alrosa owns 41% of the shares. The Angolan side demands that the Russians leave the business unconditionally, while the Russians seek compensation for their investments.
To recap, at the beginning of the month, the EU Council imposed additional restrictive measures against the largest Russian diamond mining company, Alrosa, and its CEO Pavel Marinichev.
The company and its leader were recognized as being involved in the war in Ukraine.
Earlier, the European Union implemented the 12th package of sanctions against Russia, which included restrictive measures on the import or transportation of Russian diamonds:
- Introduction of import-export control and restrictions
- Restrictions on the price of oil, iron, and steel
- Addition of a significant number of additional individuals and legal entities to the sanctions list.
