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Russia's Alrosa agrees to sell some production to the state, source says

Reuters
·1 min read
FILE PHOTO: Alrosa presents a rare rough diamond in Moscow

MOSCOW (Reuters) - Russia's finance ministry has agreed with sanctions-hit diamond producer Alrosa to purchase part of the company's production in 2024, a source familiar with the matter said on Wednesday.

Interfax news agency earlier on Wednesday reported on the agreement, citing two sources familiar with the matter.

As part of this agreement, state-owned precious metals and gems repository Gokhran purchased the first batch of diamonds from Alrosa this month.

The amount of the transaction is unknown.

Both Alrosa and the finance ministry have not yet responded to Reuters' request for comment.

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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 conflict in Ukraine.

(Reporting by Anastasia Lyrchikova and Maxim Rodionov; Editing by Alexandra Hudson and Paul Simao)