Chinese and Indian companies are about to be hit by sanctions because of their ties to Russia, reports say

Chinese and Indian companies are about to be hit by sanctions because of their ties to Russia, reports say
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Chinese and Indian companies are about to be hit by sanctions because of their ties to Russia, reports say
Russian president Vladimir Putin and Chinese leader Xi Jinping.

  • The European Union wants to sanction three Chinese companies for supporting Russia, according to reports.
  • It’s also sizing up firms based in Hong Kong, India, Serbia, and Turkey, per Bloomberg and the FT.
  • This would mark the first time the bloc has sanctioned Chinese and Indian businesses since the invasion of Ukraine.

The European Union wants to sanction three Chinese companies due to their ties to Russia, according to reports by Bloomberg and the Financial Times.

It’s also sizing up a business based in India and firms from Hong Kong, Kazakhstan, Serbia, Sri Lanka, Turkey, and Thailand, the outlets said, citing a draft proposal that hasn’t been made public yet.

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The EU reportedly wants to ban companies from doing business with the listed parties, which it believes could be aiding the Kremlin in its war in Ukraine.

Member states voting through the plan would mark the first time that the trading bloc has imposed restrictions on Chinese and Indian businesses since Russia invaded its neighbor in February 2022.

In the aftermath of that attack, the EU, the US, and other Western countries rushed to sanction Moscow, by cutting Russia’s banks out of the SWIFT payments system and capping oil prices. The EU alone has imposed 12 sanctions packages over the past two years.

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Meanwhile, China and India are yet to roll out similar restrictions and have instead stepped up their purchases of Russian crude.

In April 2023, European Commission president Ursula von der Leyen traveled to Beijing to warn China’s leader Xi Jinping not to support Russia’s war efforts.

“This visit is taking place in a challenging and increasingly volatile context, in particular because of Russia’s war of aggression against Ukraine,” she said in a press conference. “China’s position on this is crucial for the European Union.”

“We also count on China not to provide any military equipment, directly or indirectly, to Russia. Because we all know, arming the aggressor would be against international law. And it would significantly harm our relationship,” von der Leyen added.

Read the original article on Business Insider

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