EU Slaps Sanctions on 3 Indian Firms for Russia Links
New Delhi (The Uttam Hindu): In a move to increase economic pressure on Russia over the Ukraine war, the European Union (EU) has imposed sanctions on 45 entities worldwide, including three Indian companies. The actions taken on Thursday were attributed to the companies' alleged links to the Russian military and their role in circumventing export restrictions.
The punitive action is part of the 19th package of sanctions adopted by the European Union against Russia. The US also previously imposed sanctions on two Russian oil giants.
These three Indian companies were banned
1. Aerotrust Aviation Private Limited: This aviation company is accused of providing technical assistance to the Russian military.
2. Ascend Aviation India Private Limited: This is also an aviation company. The EU claims it violated export restrictions.
3. Shree Enterprises: This general business entity has also been accused of having links with the Russian military.
What are the EU's allegations?
A statement issued by the EU said that these 45 new entities were identified because they were providing "direct support" to Russia's military and military industry by circumventing export restrictions on "computer numerical control (CNC) machine tools, microelectronics, unmanned aerial vehicles (UAVs) and other advanced technology items."
According to the release, these entities will now face strict restrictions on the export of dual-use goods as well as items that can contribute to the technological development of Russia's defense sector.
The EU stated that 17 of the 45 sanctioned entities are not based in Russia. Of these 17, 12 are from China and Hong Kong, three from India, and two from Thailand.
Chinese companies are also accused of violating sanctions by supplying oil, chemicals, and dual-use goods to the Russian military. The EU's main focus is to prevent the purchase and transportation of Russian oil, which is fueling Russia's war economy. There was no immediate comment from Indian authorities on the action.