Indian firms hit by latest Western sanctions — RT India

A number of Indian companies have been targeted by a raft of new sanctions announced by the US, UK, and EU. Inussia Impex Private Limited, a Jaipur-based firm that specializes in microelectronics, has been included in the list of restrictions announced by London and Brussels on Monday.

Dubbed the largest sanctions package of their kind to date, the new measures focus on “military supply chains,” particularly machinery, electronics, and dual-use goods.

Additionally, the EU sanctions package includes Pratik Corporation, a Mumbai-based company that manufactures automotive products and provides asset management services for industrial applications.

Si2 Microsystems was the first Indian company operating in the technical space to be sanctioned by Western governments last year, followed by Innovio Ventures, which was targeted in June, and Triac Electronics, which faced sanctions in December. Speaking to The Hindu, a government official emphasized that “India has done nothing illegal.” 

“It is the EU’s interpretation that ties with Russia are a problem. As far as the government is concerned, the sanctioned company is an industry partner and MeitY’s research partner,” he added.

The official also reiterated India’s traditional position of maintaining close ties with Russia, according to the newspaper.

Last month, the West imposed sanctions on two major Russian petroleum producers – Gazprom Neft and Surgutneftegaz – along with associated entities. The sanctions included restrictions on 183 vessels involved in transporting Russian crude oil, impacting both India, the world’s third-largest oil importer, and China, the world’s largest importer.

New Delhi has consistently defended its trade and diplomatic relations with Russia, citing “pragmatism” and trust as the driving forces behind these ties, despite facing pressure from sanctions. According to Western media reports, India’s strong ties with Russia have significantly mitigated the impact of sanctions imposed over the Ukraine conflict.

Separately, Washington has imposed sanctions on four Indian companies for their alleged roles in Iran’s petroleum and petrochemical industry, according to a press release from the US Treasury Office on Monday. The four companies are Austinship Management Pvt Ltd., BSM Marine LLP, Cosmos Lines Inc., and Flux Maritime LLP.

Reports indicate that over 30 entities across various countries, including the UAE and China, have also been sanctioned for facilitating the transportation of Iranian petroleum products.