U.S. Targets Indian Diamond Firms Over 'Russia Links'; Biden Admin Freezes $26 Million | Report

India has asked the United States to release $26 million belonging to at least two Indian diamond firms frozen due to their alleged trade links with sanctioned Russian diamond major Alrosa, Reuters reported, quoting Indian government sources. The Office of Foreign Assets Control (OFAC), the U.S. Treasury unit that oversees sanctions, froze the funds earlier this year, Reuters added. The OFAC freeze is the first known punitive measure against any Indian business since Russia's full-scale invasion of Ukraine last year and subsequent Western sanctions on Russian entities. Watch.