On August 23, some additions were made to the Specially Designated Nationals (SDN) list. It means that the assets of those on the list are blocked; moreover, being on it significantly complicates or even excludes the possibility of transferring money or transacting properties internationally.
As the Russian economy is a powerful tool that serves the Kremlin in its bloody full-scale invasion of Ukraine and finances its military-industrial complex, nearly four hundred individuals and organizations, both in Russia and abroad, are on the SDN list. And the newly added include the following companies: Kristall and Miuz. The question is why it took so long to sanction these organizations.
The top diamond cutter in Russia, Kristall Production Corporation in Smolensk, has now been placed on the U.S. Treasury Department’s SDN List. Kristall was acquired by the Alrosa group five years ago. The Alrosa itself got on the list in the spring of 2022, two months after Russia began its full-scale war in Ukraine.
The second sanctioned company is affiliated with the Ruiz Group of diamond and jewelry businesses and has facilities in Moscow and Perm. It is the jewelry brand Miuz Diamonds, which is connected to Israeli billionaire Lev Leviev.
These actions aim to disrupt Russia’s defense industry supply networks and cut its financial pathways. The sanction list will continue to expand as a part of the commitments made by the President Biden Administration and the G7 counterparts.
