Alrosa plans to sell its 41 percent ownership in Catoca, the Angolan diamond mine. Angola’s government has been pushing for an unconditional withdrawal from Sociedade Mineira de Catoca, the mine’s operator, due to G7 penalties. The government owns a 59% interest. Angolan officials have expressed worry that banks and foreign suppliers are afraid of engaging with it due to its Russian connections.
“The Angolans fear that Alrosa‘s existence as a key shareholder is preventing them from expanding their business. Russia’s deputy finance minister, Alexey Moiseev, told reporters that they have valid reasons for this.
“Generally, they have valid reasons for this. Many Western companies, both suppliers and buyers of stones, are already saying, ‘You have Alrosa as a shareholder, thus we will not engage with you’.