Tuesday, 02 January 2024 12:17 GMT

EU imposes sanctions on Indian firms over allegedly supporting Russia


(MENAFN) The European Union has imposed sanctions on three companies based in India for their alleged involvement in supporting Russia’s war efforts in Ukraine.

These firms are part of a broader group of 45 entities targeted under the EU’s 19th sanctions package, which aims to intensify economic pressure on Moscow.

The Indian companies included in the latest measures are Aerotrust Aviation Private Limited, Ascend Aviation India Private Limited, and Shree Enterprises.

According to the EU, the sanctions focus on organizations suspected of assisting Russia in bypassing export restrictions on items such as CNC machine tools, microelectronics, unmanned aerial vehicles (UAVs), and other advanced technologies.

Under the new rules, these entities will face tighter export controls on dual-use goods and equipment that could enhance Russia’s defense capabilities.

In the previous, 18th package of EU sanctions, Moscow-linked operations at India’s second-largest private refinery – Nayara Energy’s Vadinar facility in Gujarat – were targeted. The refinery is partly owned by Russian oil giant Rosneft.

Russia has become a major crude oil supplier to India since the Ukraine conflict escalated in February 2022, accounting for nearly 36% of India’s imports. At the same time, India has increased exports of refined fuels to Europe, with the EU serving as a key buyer of Russian crude processed at Vadinar.

In response to the earlier sanctions, New Delhi stated that it “does not subscribe to any unilateral sanction measures” and described itself as a “responsible actor” in the global energy sector. India’s Foreign Ministry has repeatedly stressed that energy security remains critical for meeting the nation’s fundamental needs.

Earlier this year, in January, multiple Indian companies were also targeted by a series of new sanctions announced by the US, UK, and EU.

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