• Monday, April 22, 2024

Business

Indian company, 26 others face EU sanctions over exports to Russia

A rescue worker operates at the site of an apartment building damaged by a Russian drone strike, amid Russia’s attack on Ukraine, in Dnipro, Ukraine February 23, 2024. REUTERS/Mykola Synelnykov TPX IMAGES OF THE DAY

By: Shajil Kumar

A company registered in India along with 26 others will face export restrictions under new European Union (EU) sanctions for their involvement in Russia’s war efforts.

The names of these companies have not yet been made public and will be later published in the EU’s official journal.

The other companies are based in Russia, China, Kazakhstan, Serbia, Thailand, Sri Lanka and Turkey

The latest sanctions were announced to mark two years of the Russia-Ukraine conflict, the second anniversary of which falls on Saturday (24).

“Based on hard evidence from various sources, supported by trade and customs data, the package adds 27 Russian and third-country companies to the list of entities associated with Russia’s military-industrial complex,” read an official statement from the European Commission on Friday (23).

“The EU will impose export restrictions towards these companies regarding dual-use goods and technology, as well as goods and technology which might contribute to the technological enhancement of Russia’s defence and security sector,” it said.

The package covers 17 Russian companies that are involved in the development, production and supply of electronic components, particularly used in connection with drone production; four companies registered in China and “one each registered in Kazakhstan, India, Serbia, Thailand, Sri Lanka, and Türkiye, also trading in the area of electronic components, including of EU-origin.”

The latest restrictions form part of the 13th package of sanctions against Russia by the European bloc and focus on further limiting Russia’s access to military technologies, such as drones, and on listing additional companies and individuals involved in Russia’s war effort.

With the new package, the European Commission said the number of individual listings has reached over 2,000, “dealing a huge blow to those who enable Russia’s illegal war against Ukraine.”

“This package further deepens our actions to stop Russia from acquiring Western sensitive technologies for the Russian military. Unmanned aerial vehicles, or drones, have been central to Russia’s war against Ukraine,” it noted.

In addition, the package expands the list of advanced technology items that may contribute to Russia’s military and technological enhancement of its defence sector.

It includes components used for the development and production of drones, such as electric transformers, static converters and inductors found inter alia in drones, as well as aluminium capacitors, which have military applications, such as in missiles and drones, and communication systems for aircraft and vessels.

This will further weaken Russia’s military capabilities, the European Commission said. (PTI)

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