The US has previously banned several Indian companies accusing them of helping Russia and Iran.
The US has banned 398 companies from more than a dozen countries including Russia, China, Malaysia, Thailand, Turkey and the United Arab Emirates, including 19 Indian companies. The US alleges that since the February 2022 attack on Ukraine, these companies have been supplying Russia with war equipment, which Russia has been using in the war.
Most of these companies are suppliers of electronic equipment; While some companies also supply aircraft parts, machine tools etc.
Government of India has not yet given any reaction regarding this. The US has issued a statement saying that the Department of State, Treasury and Commerce have imposed these restrictions. The US State Department has also imposed diplomatic sanctions on several senior officials of Russia's defense ministry and defense companies. According to him, the purpose of this ban is to punish third party countries.
What is the charge against Indian companies? The US State Department has prepared a list of 120 companies. Four Indian companies are also involved in this. The details of the charges against him are also given in it.
These four companies include Ascend Aviation India Pvt Ltd, Mask Trans, TSMD Global Pvt Ltd and Futrevo.
The company is engaged in supplying spare parts and lubricants to the aviation industry worldwide.
US has also imposed sanctions on 2 Indian citizens According to the US State Department, Ascend Aviation made more than 700 shipments to Russian-based companies between March 2023 and March 2024. Including items worth about US$2 lakh (over Rs. 1 crore 68 lakh).
The US has also imposed sanctions on two Indian nationals associated with Ascend Aviation. Their names are Vivek Kumar Mishra and Sudhir Kumar. According to the US State Department, the two are linked to Ascend Aviation. According to the website of Ascend Aviation India Private Limited, the company was formed in March 2017.
Another Indian company, Mask Trans, is accused of sending goods worth $3 lakh (about Rs 2.52 crore) between June 2023 and April 2024. Russia used it in aviation related work.
TSMD Global Private Limited Company is accused of providing goods worth $4.30 lakh (Rs 3.61 crore) to Russian companies. These include electronic integrated circuits, central processing units and other fixed capacitors.
Another company, Futrevo, is alleged to have supplied electronics worth $14 lakh (Rs 11.77 crore) to Russia between January 2023 and February 2024.
Apart from this, India's Abhar Technologies and Services Pvt Ltd, Danwas Services Pvt Ltd, EMSY Tech, Galaxy Bearings Ltd, Inovio Ventures, KDG Engineering Pvt Ltd and Khushboo Honing Pvt Ltd have been banned.
The list also includes the names of Lokesh Machines Ltd, Orbit Fintrade LLP, Pointer Electronics, RRG Engineering Technologies Pvt Ltd, Sharpline Automation Pvt Ltd, Shaurya Aeronautics Pvt Ltd, Shreeji Impex Pvt Ltd and Shreya Life Sciences Pvt Ltd.
What next…can't these companies transact? According to experts, through sanctions, companies are blacklisted in the SWIFT banking system. This is why these companies cannot do business with countries that are against Russia in the Russia-Ukraine war. Companies that are banned may also have their assets frozen in countries that favor the ban.
America wants Russia's economy to weaken and its defense industry to be deprived of the goods it is fighting the war with. However, this move will not affect Indo-US relations much, as the two countries already have good relations.
US has already banned Indian companies However, this is not the first time that the US has targeted Indian companies. Earlier in November 2023, an Indian company was also banned for helping the Russian army.
Sanctions were also imposed on 3 companies doing business with Iran in April 2024. Among the Indian companies that were approved were Jane Shipping, Port India Private Limited and Sea Art Ship Management Company. The US alleges that these companies transfer drones to Iran.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
