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Indian Diamond Firms Seek Unfreezing of $26 Million Amidst Alleged Sanction-Related Funds Freeze

SanctionsIndian Diamond Firms Seek Unfreezing of $26 Million Amidst Alleged Sanction-Related Funds Freeze

Indian authorities have made a formal request to the United States to release $26 million (₹215 crore) belonging to two prominent Indian diamond companies. These funds were frozen due to alleged trade connections with the Russian diamond company Alrosa, which faced sanctions from the US Treasury’s Office of Foreign Assets Control in April 2022. This marked the first instance of punitive measures against an Indian business in the aftermath of Russia’s intervention in Ukraine and subsequent Western sanctions on Russian entities.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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