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Report: Sanctions to be Imposed on Chinese and Indian Companies for their Relations with Russia

ByEditor

Feb 13, 2024

The European Union is considering sanctions against three Chinese companies for their support of Russia, with plans to also target businesses in Hong Kong, India, Serbia, and Turkey. This comes as the EU seeks to prevent companies from working with those that may be aiding Russia’s war in Ukraine, signaling the first time the bloc has imposed restrictions on Chinese and Indian businesses since the invasion.

Following Russia’s invasion of Ukraine, the EU and other Western countries have escalated sanctions against Moscow, including cutting Russia’s banks off from the SWIFT payments system and capping oil prices. Over the past two years, the EU has implemented 12 sanctions packages. Meanwhile, China and India have increased their purchases of Russian crude and have not imposed similar restrictions.

In April 2023, European Commission president Ursula von der Leyen visited Beijing to urge China’s leader, Xi Jinping, not to support Russia’s military efforts. Von der Leyen emphasized the crucial role that China’s position plays in the EU’s relationship and urged against providing any military equipment to Russia, stressing that doing so would violate international law and damage the EU-China relationship.

By Editor

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