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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.

Reliance Industries to evaluate impact of EU sanctions on Russian oil trade

Economic Times

Economic Times · 1m ago

Reliance Industries to evaluate impact of EU sanctions on Russian oil trade

Reliance Industries Ltd (RIL) is evaluating the impact of new EU sanctions on Russian oil and petroleum products, affecting Indian exports. These sanctions target petroleum products refined from Russian crude, impacting Indian refiners like RIL. India's crude imports from Russia total $50.3 billion. RIL is assessing the sanction definitions and potential impacts on exports to the EU, emphasizing diversification through markets in the US, Africa, Singapore, and the Middle East.

EU buys more LNG from Russia, less from US

Economic Times

Economic Times · 22d ago

EU buys more LNG from Russia, less from US

The European Union's imports of liquefied natural gas (LNG) from Russia have increased since the Russia-Ukraine conflict began in 2022, while imports from other countries, including the United States, have decreased. According to research by the Finnish Centre for Research on Energy and Clean Air (CREA), Russian LNG imports rose 9% year-on-year, with the EU spending $8.5 billion on Russian LNG in 2024. Despite sanctions, the EU struggles to secure non-Russian gas supplies.

Indian refiners look more widely for oil after EU’s Russia curbs

Economic Times

Economic Times · 1m ago

Indian refiners look more widely for oil after EU’s Russia curbs

Indian oil refiners are considering diversifying their crude oil sources due to new EU sanctions on Russia. Although India, a major importer of Russian crude, hasn't drastically changed its supply, there is exploration of alternatives. Traders and refinery executives note increasing purchases from Azerbaijan, Nigeria, and the UAE. Mangalore Refinery bought Azeri oil, while Hindustan Petroleum acquired Nigerian crude. Reliance Industries also purchased Abu Dhabi's Murban grade, reflecting a shift towards broader sourcing.

EU Envoy to India clarifies sanctions on Russia, says no disruption to global supply, purchases

Economic Times

Economic Times · 1m ago

EU Envoy to India clarifies sanctions on Russia, says no disruption to global supply, purchases

The European Union's sanctions on Russia target its oil, energy, banking, and defense industries to weaken Moscow's "war economy" while maintaining global oil market stability. The EU's 18th sanctions package reduces the oil price cap from $60 to $47.6 per barrel, aiming to curtail revenues fueling Russia's military efforts in Ukraine. The EU has also sanctioned 450 shadow fleet oil tankers, reducing dependency on Russian oil by 90% and plans to eliminate all Russian energy imports by 2026-2027.

Trump administration weighs sanctions on officials implementing EU tech law, sources say - The Economic Times

Economic Times

Economic Times · 3d ago

Trump administration weighs sanctions on officials implementing EU tech law, sources say - The Economic Times

The Trump administration is considering sanctions against EU officials over the Digital Services Act, seen as censoring Americans and imposing costs on US tech firms. The move could result in visa restrictions, escalating tensions between the US and EU. The Digital Services Act aims to create a safer online environment by tackling illegal content. The US argues the Act imposes undue restrictions on free expression, while the EU maintains freedom of expression is central to the Act.

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

Economic Times

Economic Times · 2m 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.

India accuses EU, US of double standard over Russian trade

Economic Times

Economic Times · 24d ago

India accuses EU, US of double standard over Russian trade

India has criticized the US and EU for urging it to cease Russian oil purchases while they continue trade with Russia. Prime Minister Modi's BJP and opposition Congress united against US tariffs on Indian goods over this issue. India highlighted extensive EU-Russia trade and US imports of Russian resources like uranium and palladium. Experts predict a 30% drop in India's exports to the US, and India's Foreign Ministry called the criticism unjustified and hypocritical.

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.

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