(MENAFN) In an effort to increase pressure on Russia, the European Union is reportedly considering imposing sanctions on Chinese firms that engage in trade with Moscow. According to the Financial Times, the EU member states are set to discuss a new package of restrictions this week, which includes seven Chinese companies accused of selling equipment that could potentially be used in weapons manufacturing. The list reportedly features two mainland Chinese companies, 3HC Semiconductors and King-Pai Technology, as well as five Hong Kong-based companies, including Sinno Electronics, Sigma Technology, Asia Pacific Links, Tordan Industry, and Alpha Trading Investments.
For the new sanctions to take effect, they must be approved unanimously by all 27 European Union member states. Some of the Chinese companies on the list have already been sanctioned by the United States. The European Commission believes it is "appropriate" to target certain entities "in third countries involved in the circumvention of trade restrictions" against Russia. The move is part of the European Union's efforts to clamp down on Russia's aggressive behavior, including its annexation of Crimea and its involvement in the ongoing conflict in eastern Ukraine. The European Union has already imposed sanctions on Russian individuals and entities, as well as on Belarus following the disputed re-election of President Alexander Lukashenko last year.
MENAFN09052023000045014146ID1106206189
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.