EU prepares sanctions on Chinese companies over Russia links

EU prepares sanctions on Chinese companies over Russia links
# 13 February 2024 12:32 (UTC +04:00)

Brussels is proposing to impose sanctions on three Chinese companies and one Indian business as part of its latest measures to damage Russia’s war machine, APA reports citing Financial Times.

If member states approve the plan, it would be the first time businesses in mainland China and India have been hit by EU sanctions. EU officials at the time said Beijing had offered reassurances that it was not supporting Russian military operations. Under the proposed measures, European companies would be banned from dealing with the companies listed, as Brussels steps up efforts to avoid any circumvention of its restrictions, especially the supply of electronic components that could be repurposed for use in weapons systems.

“It is also appropriate to include on that list certain other entities in third countries that indirectly support Russia’s military and industrial complex . . . by trading in such components”, along with more Russian companies, the document says. The proposal would also ban the export to Russia of components used to make drones. The sanctions package, expected to be approved ahead of the second anniversary of Russia’s full-scale invasion of Ukraine on February 24, will be the 13th the EU has passed. The list of companies under sanctions will hit 643 if it is approved.

The new names also include businesses in Sri Lanka, Türkiye, Thailand, Serbia and Kazakhstan. Sanctions on an Indian company would be especially sensitive as the country is a US ally and is negotiating a trade deal with the EU. New Delhi has hit back at criticism that it legally buys cheap sanctioned Russian oil and sends products refined from it to the EU.

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