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EU proposes sanctions on Indian, Chinese and other firms for aiding Russia

Livemint

Livemint · 1y ago

EU proposes sanctions on Indian, Chinese and other firms for aiding Russia

The European Union has proposed trade restrictions on approximately 24 companies, including three from China, for allegedly supporting Russia's actions in Ukraine. This would be the first time the EU imposes restrictions on Chinese firms in relation to the Ukraine conflict. The list also includes companies from Hong Kong, Serbia, India, and Turkey. The proposed restrictions aim to prevent European firms from trading with these listed companies, as part of the EU's efforts to control Russia's access to sanctioned goods. The sanctions need approval from all member states before adoption.

Related News

Japan imposes sanctions on Indian tech firm for helping Russia evade trade curbs

Livemint

Livemint · 1y ago

Japan imposes sanctions on Indian tech firm for helping Russia evade trade curbs

A Bengaluru-based Indian technology company is among several firms from different countries that Japan has imposed sanctions on for allegedly assisting Russia in evading economic measures. Sanctions include asset freeze and export bans. The West and its allies have imposed strict punitive trade and economic sanctions on Russia over its invasion of Ukraine. Japan has introduced punitive measures under the Foreign Exchange and Foreign Trade Act. The Japanese government has named the Indian company on its list of sanctioned firms.

Why is the EU considering trade restrictions on Indian, Chinese firms?

Livemint

Livemint · 1y ago

Why is the EU considering trade restrictions on Indian, Chinese firms?

The European Union (EU) has proposed sanctions on several companies, including one from India and three from China, for allegedly supporting Russia's war in Ukraine. The proposed trade restrictions aim to prevent European firms from engaging in trade with these companies, which are accused of contributing to Russia's military and technological capabilities. The EU's move would mark the first instance of imposing sanctions on mainland Chinese companies since the invasion of Ukraine. However, the issue of listing Chinese firms has faced resistance from certain EU member states due to their trade relations with China.

World War III: Boeing offices in Kyiv damaged by Russian airstrike, is Moscow expanding the war to US interests?

Economic Times

Economic Times · 1m ago

World War III: Boeing offices in Kyiv damaged by Russian airstrike, is Moscow expanding the war to US interests?

A Russian missile strike damaged Boeing's Kyiv office, highlighting risks for American firms amid the Russia-Ukraine conflict. Despite the attack, Boeing's operations in Ukraine remain unaffected. The strike raises concerns about Russia targeting U.S. corporate interests linked to Ukraine's defense. This incident is viewed as part of a broader Russian strategy against Western-backed infrastructure. Boeing maintains its partnerships in Ukraine, and the attack underscores potential escalations in targeting foreign companies aiding Ukraine.

Indian imports of Russian coal fall, US shipments rise

Money Control

Money Control · 1y ago

Indian imports of Russian coal fall, US shipments rise

Indian imports of Russian coal have decreased while imports from the US have increased in the three months leading up to May, according to data from coal consultancy Bigmint. The drop in Indian imports of Russian coal is mainly attributed to Russian supplies becoming less competitive. Thermal coal shipments from Russia saw a 67% decline, while purchases of steelmaking grades increased. The decline in Russian coal imports by India follows fresh western sanctions on Russia due to the war in Ukraine. However, buyers stated that the main issue affecting Russian coal was the drop in global prices rather than the sanctions.

TikTok, five other Chinese firms hit by EU privacy complaints

Economic Times

Economic Times · 6m ago

TikTok, five other Chinese firms hit by EU privacy complaints

Austrian advocacy group Noyb filed privacy complaints against TikTok, Shein, Xiaomi, and three other Chinese firms, alleging unlawful EU user data transfers to China. Known for targeting American tech giants, this marks Noyb's first complaint against Chinese companies. Complaints were filed in Greece, the Netherlands, Belgium, Italy, and Austria, seeking suspensions and fines up to 4% of global revenue. China denies government involvement in such data practices, while Xiaomi pledged cooperation with authorities.

China says EU's 'unfair' EV subsidies probe risks damaging ties

Reuters · 1y ago

China says EU's 'unfair' EV subsidies probe risks damaging ties

China's ambassador to the European Union, Fu Cong, has criticized the EU's investigation into Chinese electric vehicle (EV) manufacturers over state subsidies, calling it "unfair". He stated that China is cooperating with the probe to avoid resorting to trade measures. Cong mentioned that the EU also provides subsidies to its own companies and suggested that if China adopted a similar approach, it could lead to investigations. Tensions between China and the EU have been rising, partly due to China's closer ties with Russia following the Ukrainian invasion. The EU is aiming to decrease its dependence on China for materials and products.

What is Dynamic Reference Rate? India and Russia’s strategy to streamline trade, bypass US sanctions

Money Control

Money Control · 11m ago

What is Dynamic Reference Rate? India and Russia’s strategy to streamline trade, bypass US sanctions

India and Russia are considering introducing a "dynamic reference rate" for their currencies, the Indian Rupee (INR) and the Russian Rouble (RUB), to simplify financial transactions and mitigate the impact of US sanctions on Russia. India's central bank governor, Shaktikanta Das, has clarified that these efforts are not aimed at replacing the US dollar as the dominant currency but rather reducing dependency on a single currency. The proposed system could be modeled after the existing framework between India and the UAE, where transactions are settled in local currencies with central bank support.

Foxconn feels the China squeeze in India - The Economic Times

Economic Times

Economic Times · 8d ago

Foxconn feels the China squeeze in India - The Economic Times

Foxconn's recall of over 300 Chinese engineers from Indian iPhone manufacturing plants, possibly prompted by Beijing, may disrupt short-term operations and affect the broader electronics manufacturing ecosystem. Indian firms are concerned about potential Chinese machinery access restrictions, which could hinder expansion, particularly affecting smaller companies reliant on affordable Chinese equipment. Despite potential challenges, experts believe major firms like Foxconn likely anticipated such geopolitical risks, and there may be opportunities for Indian firms to step up.

How German companies are tackling China risk

Reuters · 1y ago

How German companies are tackling China risk

German companies are addressing their reliance on China amid tensions between Berlin and Beijing. Medium-sized German firms, including fan and motor maker ebm-papst, are concerned about potential Western sanctions or a future conflict over Taiwan disrupting trade. Ebm-papst launched a program called 'Decoupling China' last year to ensure its Chinese division can operate independently. The company is now planning to establish a new plant in India to reduce reliance on China. Other mittelstand companies are also diversifying their supply chains and sourcing components from within Europe instead of China.

Fertiliser companies turn to EU, Russia & West Asia as China halts exports

Economic Times

Economic Times · 7d ago

Fertiliser companies turn to EU, Russia & West Asia as China halts exports

China's halt in specialty fertiliser exports to India has forced Indian firms to seek alternatives from Europe, Russia, and West Asia at higher costs. Previously, China was the favored source due to lower prices and shorter delivery times. Now, with Chinese ports holding significant quantities, the industry is importing around 80,000-100,000 tonnes to replace the delayed 150,000-160,000 tonnes. This situation, combined with diplomatic tensions, predicts challenging times for India’s horticulture productivity.

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