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U.S. Treasury’s OFAC sanctions AGD Diamonds

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) on Sept. 14 sanctioned AGD Diamonds, the Russian company that owns Grib Diamonds. Grib, which has sales headquarters in Belgium but sells from the Grib mine in Russia, was also sanctioned.

AGD sells production from the Grib diamond pipe in the northwestern part of Russia. Discovered in 1995, the pipe was named after Russian geologist Vladimir Grib. It accounts for an estimated 10 percent of Russia’s diamond production.

For years, Grib was considered Russia’s sole nongovernment diamond producer. In 2021, it filed for bankruptcy and was taken over by state-owned VTB Bank, which has also been sanctioned.

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