Layoffs begin at russia’s largest diamond mining company
russia’s largest diamond mining company, “Alrosa”, has been forced to cut production, close mines, and lay off some of its staff.
The company’s management attributes these actions to a “deep crisis in the market” and assures that production will resume as soon as the markets “recover.”
As reported, in December 2023, the G7 countries and the EU imposed sanctions on the import of russian diamonds, effectively closing off the main markets for russian exports.
The decline in diamond production in russia coincides with falling output and layoffs in several other industries, such as oil refining, paper production, and coal mining—all of which are consequences of Western sanctions.
Meanwhile, russian propaganda continues to insist to its population that sanctions are ineffective or even beneficial for the russian economy.
