European Union (EU) has put forward new trade restrictions targeting approximately two dozen companies, including one from India and three from China, accused of backing Russia's war in Ukraine, as per a Bloomberg report. The listed companies, mainly involved in technology and electronics, are accused of contributing to Russia's military and technological capabilities. The document highlights their alleged role in advancing Russia's defence and security sector.
Also Read | New York City subway shooting: One dead, five injured amid gunfire in Bronx. What we know so far If approved, this move would mark the first instance of the EU imposing sanctions on mainland Chinese companies since Russia's invasion of Ukraine. The proposed draft list, seen by Bloomberg, includes businesses in Hong Kong, Serbia, and Turkey, it added.
The proposed restrictions aim to prevent European firms from engaging in trade with the listed companies, aligning with the EU's strategy to curb Russia's access to sanctioned goods through third-country entities. Earlier attempts to list Chinese firms were dropped due to resistance from certain member states and assurances from Beijing. Also Read | SoftBank shares climb to highest level since May 2021, thanks to Arm Holdings’ explosive AI rally This issue holds significant importance for the EU, particularly in its relationship with China, a key trade partner.
Germany, notably reliant on China as the largest market for carmakers such as Volkswagen AG, is closely watching developments, the report added. Notably, EU sanctions require unanimous approval from all member states and may undergo changes before adoption. The EU Commission spokesperson declined to comment on the proposal, while no immediate. Read more on livemint.com