The European Commission has banned a deal between Russian diamond producer ALROSA and De Beers, because it contradicts European anti-monopoly legislation.
As reported earlier, ALROSA proposed to sell half of its produced diamonds to De Beers. According to the deal, the Russian company was to supply uncut diamonds totaling $844.6m annually for a five-year period.
This deal undermines competition on the market of uncut diamonds, the anti-monopoly commission said in its statement.
President Joe Biden will soon regurgitate on the public the words of George W. Bush uttered in 2002