Sergey Ivanov Jr

Russian state-owned diamond mining company Alrosa and its CEO are among the targets of a long list of sanctions imposed by the US Government in response to the Ukraine crisis.

Russia began its invasion of Ukraine last week, with governments and other bodies around the world coming together to denounce the move.

The US Treasury immediately acted, imposing a list of “unprecedented and expansive” sanctions on Russian business.

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A post on the US Treasury website announced: “[The] Treasury is taking action against Russia’s top financial institutions, including sanctioning by far Russia’s two largest banks and almost 90 financial institution subsidiaries around the world”.

Among the many companies affected by the sanctions is Russian state-owned diamond mining company Alrosa, as well as its CEO Sergeevich Ivanov.

The Treasury wrote: “Public Joint Stock Company Alrosa is the world’s largest diamond mining company, responsible for 90% of Russia’s diamond mining capacity, which accounts for 28% globally.”

Among the list of individuals targeted by the sanctions, and placed second in the list after only “families close to Putin”, is Sergei Sergeevich Ivanov.

The Treasury writes of the Alrosa CEO’s father: “Sergei Borisovich Ivanov (Sergei B Ivanov) is the Special Presidential Representative for Environmental Protection, Ecology and Transport.

“Sergei B. Ivanov is reportedly one of Putin’s closest allies and previously served as the Chief of Staff of the Presidential Executive Office, Deputy Prime Minister and Defense Minister of Russia.

“He is also a permanent member of the Security Council of the Russian Federation.

“Sergei B Ivanov was previously designated in March 2014 for being an official of the GoR.

“Sergei Ivanov’s son, Sergei Sergeevich Ivanov (Sergei S Ivanov), is the current CEO of Russian state-owned diamond mining company Alrosa and a board member of Gazprombank.”

The sanctions mean that Ivanov’s business in the US will be blocked, and any assets in the country seized.

Alrosa has reportedly responded to the news, telling JCK: “Sergey Ivanov never had assets abroad.”

The 41-year-old has been Alrosa CEO since January 2018.

Meanwhile, US Secretary of the Treasury, Janet L Yellen, commented: “[The] Treasury is taking serious and unprecedented action to deliver swift and severe consequences to the Kremlin and significantly impair their ability to use the Russian economy and financial system to further their malign activity.”

“Our actions, taken in coordination with partners and allies, will degrade Russia’s ability to project power and threaten the peace and stability of Europe.

“We are united in our efforts to hold Russia accountable for its further invasion of Ukraine while mitigating impacts to Americans and our partners.

“If necessary, we are prepared to impose further costs on Russia in response to its egregious actions.”

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