Targets will include firms in China, Hong Kong, the UAE and Central Asia, Bloomberg reports
The European Commission has proposed extending anti-Russia trade restrictions to companies in a wide range of countries that do business with Moscow, including China and the United Arab Emirates, Bloomberg reported on Monday, citing documents.
The measure will reportedly target about 35 businesses in mainland China and Hong Kong, along with firms in Uzbekistan, Armenia and the United Arab Emirates for allegedly providing support to Russia’s military-industrial complex.
The bloc’s executive branch has called for “stricter export restrictions regarding dual-use goods and technology, as well as goods and technology which might contribute to the technological enhancement of Russia’s defense and security sector.”
The list reportedly includes several Iranian companies that were previously targeted by EU sanctions for allegedly supplying drones to Moscow, as well as hundreds of Russian firms.
Lawmakers from the EU’s 27 member states are scheduled to discuss what is seen as the bloc’s 11th package of anti-Russia sanctions on May 10. The new penalties era expected to include steps to prevent evasion tactics used against the previously introduced measures.
Earlier this week, the Financial Times reported that the EU authorities had proposed including two mainland Chinese companies – 3HC Semiconductors and King-Pai Technology – and five from Hong Kong, including Sinno Electronics, Sigma Technology, Asia Pacific Links, Tordan Industry, and Alpha Trading Investments to the list of entities subjected to trade restrictions.
Commenting on the news, China’s foreign ministry spokesperson Wang Wenbin said Beijing opposes any measures that use China-Russia relations as a pretext for damaging trade cooperation. The official warned that the Chinese authorities will take firm action to safeguard the nation’s interests, if sanctions are imposed.
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May 09, 2023 at 05:58PM