US clarifies diamond position

On December 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) added Mbada Diamonds and Marange Resources to the list of companies with which U.S. persons or entities are prohibited from engaging in financial transactions.

Diamonds
Diamonds

The Zimbabwe Mining Development Corporation (ZMDC) was designated by OFAC as a Specially Designated National in 2008 pursuant to Executive Order 13469. As ZDMC owns, directly or indirectly, a 50% or greater interest in these two companies, the U.S. has frozen all property, and interests in property, of Mbada Diamonds and Marange Resources and has prohibited all transactions by U.S. persons or entities with these companies since the 2008 designation of ZDMC.

The identifications do not reflect a new policy or constitute a new sanctions measure, but rather merely clarify the extent of existing sanctions on these entities and provide greater guidance to the diamond industry and others regarding the extent of our sanctions.

The United States would welcome the opportunity to consider de-listing individuals and entities from the sanctions list, including ZMDC, if they demonstrate that they are no longer undermining, or enabling the undermining of, Zimbabwe’s democratic development.

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