Indian, Chinese firms among two dozen companies to face EU sanctions for aiding Russia: Report
Indian, Chinese firms among two dozen companies to face EU sanctions for aiding Russia: Report
The European Union has proposed new trade restrictions on about two dozen firms, including one in India and three based in China, for supporting Russia’s war efforts in Ukraine, according to a report.
According to a Bloomberg report, If adopted, it would be the first time the EU has imposed restrictions on companies in mainland China since Russia invaded Ukraine.
The list also includes firms in Sri Lanka, Kazakhstan, Thailand, Hong Kong, Serbia and Turkey, some of which are also being targeted for the first time.
The proposed measures aim to prevent European companies from conducting trade with the specified entities, in line with the EU’s efforts to limit Russia’s access to sanctioned goods via third-party channels. Previous attempts to designate Chinese firms were abandoned due to resistance from certain member states and assurances from Beijing.
This matter holds significant importance for the EU, especially concerning its ties with China, a crucial trading partner. Germany, notably dependent on China as the primary market for car manufacturers like Volkswagen AG, is closely monitoring developments, added the report.
It’s worth noting that EU sanctions necessitate unanimous approval from all member states and may undergo alterations before being enacted.
The EU Commission spokesperson declined to comment on the proposal, while there was no immediate response from China’s embassy in Brussels, the report mentioned.
During a visit to Beijing in April, Commission President Ursula von der Leyen cautioned Chinese President Xi Jinping against involvement in the Russia-Ukraine conflict. She stressed the importance of refraining from supplying military equipment to Russia, citing violations of international law and potential strains on the EU-China relationship.
The proposed list includes three Chinese firms, as well as one each from India, Sri Lanka, Serbia, Kazakhstan, Thailand, Turkey, and Hong Kong. The document specifies that inclusion does not imply responsibility for actions on the part of the respective jurisdictions. Previously, the EU has listed over 620 companies, primarily from Russia, accused of importing prohibited technologies and electronics and subsequently re-exporting them to Russia.
Alongside trade restrictions, the EU has proposed sanctions on over 110 individuals and entities as part of a broader package commemorating two years since Russia’s invasion of Ukraine.
With inputs from agencies
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