The United States has expanded its list of sanctioned companies in Russia, now including the prominent jewelry brand Miuz and the country’s largest diamond cutter, Kristall.
Kristall, which is Russia’s leading diamond cutter, has been placed on the Specially Designated Nationals (SDN) List, managed by the US Treasury Department. This action follows the inclusion of its parent company, Alrosa, on the list in April 2022, shortly after Russia’s invasion of Ukraine. Kristall, based in Smolensk, has been part of the Alrosa group since 2019.
Miuz Diamonds, a well-known jewelry brand with production facilities in Moscow and Perm, along with a network of 300 retail outlets, has also been added to the sanctions list. Miuz is associated with the Ruiz Group, a conglomerate of diamond and jewelry enterprises linked to Israeli billionaire Lev Leviev.
The reason for the delay in sanctioning these companies is unclear. However, Kristall and Miuz are now among nearly 400 individuals and entities in Russia and beyond its borders that were added to the SDN list last Friday, August 23.
“Russia has turned its economy into a tool in service of the Kremlin’s military-industrial complex,” said Deputy Secretary of the Treasury Wally Adeyemo in the announcement. “Today’s actions by the Treasury continue to uphold the commitments made by President Biden and his G7 counterparts to disrupt Russia’s military-industrial base, supply chains, and payment channels.”
