EU Sanctions Proposal: Why is the European Union considering trade restrictions on Indian, Chinese firms?
sanctions, trade restrictions are proposed to be imposed on the listed companies. Besides this, the EU has recommended sanctions on over 110 individuals and entities, forming part of a broader package commemorating two years since Russia's invasion of Ukraine. Also Read | European Union looking to sanction Indian and Chinese firms over Russia dealings, says report The listed companies are primarily engaged in technology and electronics, as per the report.
They have been accused of contributing to Russia's military and technological capabilities and the draft document highlights their purported role in advancing Russia's defence and security sector. The draft document, as seen by Bloomberg, accuses these companies of importing prohibited technologies and electronics and subsequently reexporting them to Russia. Also Read | Bitcoin surges to $50,000 for the first time since 2021 on ETF demand The proposed list includes three Chinese firms, and one each from India, Sri Lanka, Serbia, Kazakhstan, Thailand, Turkey, and Hong Kong, among others.
The document clarifies that inclusion doesn't attribute responsibility for actions to the respective jurisdictions. Over 620 companies, mainly from Russia, have been previously listed by the EU. If approved, this move would mark the EU's first instance of imposing sanctions on mainland Chinese companies since Russia's invasion of Ukraine.
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