# Russia diamond producer Alrosa’s annual net profit drops 15.2%
Published: 2024-02-28
Category: Headlines
Category URL: https://business.express/category/headlines/
Meta Title: Alrosa's 2023 net profit drops 15.2%: Latest Updates
Meta Description: Discover how Russia's diamond producer, Alrosa, reported a 15.2% decrease in annual net profit in 2023 amidst sanctions and market changes.
URL: https://business.express/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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