A range of Indian companies is expected to be affected by the new sanctions announced by the US, the UK and the EU. Inussia Impex Private Limited, a Jaipur-based company specializing in microelectronics, has been added to the list of restrictions presented by London and Brussels on Monday.
The measures, described as the largest sanctions package of its kind, focus on “military supply chains” particularly machinery, electronics and “dual-use” goods. The EU’s sanctions package also includes Pratik Corporation, a Mumbai-based company that produces automotive products and offers asset management services for industrial applications.
Si2 Microsystems was the first Indian company in the technical sector to be sanctioned by Western governments last year, followed by Innovio Ventures, which was targeted in June and Triac Electronics, against which sanctions were imposed in December. A government official told The Hindu that “India has not done anything illegal.”
“It is the EU’s interpretation that the relationships with Russia are a problem. As far as the government is concerned, the sanctioned company is an industrial partner and a research partner of MeitY” the official added, confirming the traditional Indian position of maintaining close ties with Russia.
Last month, the West imposed sanctions on two major Russian oil producers – Gazprom Neft and Surgutneftegaz – as well as related companies. The sanctions included restrictions on 183 ships involved in the transportation of Russian crude oil, affecting both India, the world’s third-largest oil importer and China, the largest oil importer.
New Delhi has consistently defended its trade and diplomatic ties with Russia, despite the pressure from the sanctions, citing “pragmatism” and trust as driving forces behind these relationships. Western media reports suggest that India’s close ties with Russia have significantly mitigated the impact of the sanctions imposed due to the Ukraine conflict on the global economy.
Separately, Washington has imposed sanctions on four Indian companies, allegedly involved in the Iranian oil and petrochemical industry, as announced by the US Treasury Department on Monday. The four companies are Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc and Flux Maritime LLP.
Reports indicate that more than 30 companies from various countries, including the United Arab Emirates and China, have also been sanctioned for facilitating the transportation of Iranian oil products.