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EU Mulls Restrictions on Indian, Chinese Firms Over Alleged Support for Russia: Report

 

The EU has unveiled plans for trade restrictions on approximately two dozen companies, including three from China, alleging support for Russia's actions in Ukraine. If approved, it would be the EU's initial imposition of constraints on mainland Chinese firms since the onset of the Ukraine conflict. The targeted list extends to companies in Hong Kong, Serbia, India, and Turkey, with some facing scrutiny for the first time, according to a draft proposal viewed by Bloomberg. The objective is to prevent European companies from trading with these entities, hindering Russia's access to sanctioned goods through third-country firms.

Previously, the EU considered Chinese firms for sanctions, but these were dropped due to resistance and assurances from Beijing. The sanctions require unanimous approval from member states and may undergo modifications before implementation. The targeted firms, primarily in technology and electronics, stand accused of contributing to Russia's military and technological capabilities. The proposal also introduces sanctions on over 110 individuals and entities as part of measures commemorating two years since Russia's invasion of Ukraine.

The inclusion of Chinese firms is noteworthy, given the EU's reliance on China as a significant trade partner, particularly for Germany, with China being the largest market for carmakers like Volkswagen AG. During a visit to Beijing in April, Commission President Ursula von der Leyen cautioned Chinese President Xi Jinping against involvement in the war and urged China not to supply any military equipment to Russia. The proposed list encompasses firms from China, India, Sri Lanka, Serbia, Kazakhstan, Thailand, Turkey, and Hong Kong. The document clarifies that inclusion in the proposed list does not attribute responsibility for actions to the respective jurisdictions.

The companies on the list primarily engage in importing banned technologies and electronics, subsequently reexporting them to Russia. The EU's broader sanctions package aims to curb Russia's access to crucial goods through third-party entities while navigating complex diplomatic and economic relations, particularly with China. The situation underscores the EU's strategic efforts to balance the containment of Russia with diplomatic considerations and economic ties with key partners.

 

(Aside from the headline, DXB News Network staff have not made any edits to this story; it is published from a syndicated feed)

Feb. 15, 2024 11:47 a.m. 1414

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