India responds to US sanctions against 19 companies over ‘support’ for Russia: ‘Not in violation of laws, but…’
The US has imposed sanctions against nearly 400 individuals and entities — including 21 from India — for ‘supporting’ Russian military efforts amid the war in Ukraine.
The Ministry of External Affairs is in touch with US authorities to “clarify issues” following widesweeping sanctions against companies and entities ‘supporting’ Russia. 19 Indian companies and two individuals had been named in the lengthy list announced by American authorities earlier this week. The MEA however insisted on Saturday that these entities were not in violation of any Indian laws.
"Our understanding is that the sanction, transactions and companies are not in violation of Indian laws. Nevertheless, in keeping with India's established non-proliferation credentials, we are working with all the relevant Indian departments and agencies to sensitize Indian companies on applicable export control provisions and also inform them of new measures being implemented that could impact Indian companies in certain circumstances,” said MEA spokesperson Randhir Jaiswal.
The top official also reiterated India's “robust legal and regulatory framework on strategic trade and nonproliferation controls” during his address.
“We are also a member of three key multilateral non- proliferation export control regimes - the Wassenaar Arrangement, the Australia Group and the Missile Technology Control Regime, and have been effectively implementing relevant UNSC sanctions and UNSC resolution 1540 on non- proliferation,” he said.
According to an official communique, the US Department of State sanctioned more than 120 individuals and entities this week while the Department of the Treasury added over 270 others to the list.
Two Indian nationals — Vivek Kumar Mishra and Sudhir Kumar were also sanctioned alongside their company. Delhi-based aircraft spare parts company Ascend Aviation India featured on the list for shipping CHPL items to Russia — including US-origin aircraft parts.
The India-based companies listed by the Department of Treasury include: Abhar Technologies and Services Private Limited, Denvas Services Private Limited, Emsystech, Galaxy Bearings Ltd, Orbit Fintrade LLP, Innovio Ventures, KDG Engineering Private Limited, Khushbu Honing Private Limited, Lokesh Machines Limited, Pointer Electronics, RRG Engineering Technologies Private Limited, Sharpline Automation Private Limited, Shaurya Aeronautics Private Limited, Shreegee Impex Private Limited, and Shreya Life Sciences Private Limited.
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsNewsIndiaIndia responds to US sanctions against 19 companies over ‘support’ for Russia: ‘Not in violation of laws, but…’
First Published:2 Nov 2024, 03:41 PM IST
- Top Gainers
- Top Losers
- 52 Week High