India

“Sanctioned companies not in violation of Indian law,” says MEA after US sanctions 19 Indian companies

The Ministry of External Affairs on Saturday reacted to the recent U.S. sanctions imposed on several Indian firms and nationals, with a spokesperson from the Ministry of External Affairs (MEA) stating that Indian companies have not violated any national laws.

The sanctions announced by the U.S. State Department targets 19 Indian companies and two individuals accused of allegedly supplying materials and technology to Russia to support its military amid the ongoing war in Ukraine.

Randhir Jaiswal, MEA spokesperson, stated, “We have seen reports on U.S. sanctions. India has a robust legal and regulatory framework on strategic trade and nonproliferation controls. We are also a member of three key multilateral non- proliferation export control regimes – the Wassenaar Arrangement, the Australia Group and the Missile Technology Control Regime, and have been effectively implementing relevant UNSC sanctions and UNSC resolution 1540 on non- proliferation.”

“Our understanding is that the sanctioned transactions and companies are not in violation of Indian laws. Nevertheless, in keeping with India’s established non-proliferation credentials, we are working with all the relevant Indian departments and agencies to sensitise Indian companies on applicable export control provisions, as also inform them on new measures being implemented that could impact Indian companies in certain circumstances,” he added.

“Regular strategic trade/export control outreach events for Indian industries and stakeholders are being carried out by agencies of the Government of India. We are also in touch with the US authorities to clarify issues.” Jaiswal further said.

Indian companies named in the sanctions, such as Shreegee Impex Private Limited maintain they operate within Indian law and claim the sanctions will not impact their business.

Praveen Tyagi, director of Meerut-based Shreegee Impex Private Limited, expressed confusion over the measures, stating, “I don’t know why these measures have been imposed on us. But it will not have any impact on us, because we neither import from US nor export to US.”

Rahul Kumar Singh, Director of TSMD Global, remarked, ” I can’t understand why USA has put the company under sanction. We are supplier of Automobile parts and Agricultural Implements Automotive. Our company does not have any business from USA. US sanction will not have impact on the company. We supply automobile parts, electronic components and garments to Russian companies. We are not working against the Indian Government and working as per the business norms. We are not doing any illegal thing. Our business with Russia will continue as usual.”

Manoranjan Sharma, Chief Economist, Infomerics Ratings says that these measures could be an attempt to influence the American elections which is scheduled on November 5 in the United States.

“This is in certain ways, a message to the government and the private sector of these countries, and could strain in a limited way the relations between U.S. and India, which have already been under some strain because of India’s alleged low in the case of the Sikh extremist Guru Patwan Singh Pannu. But we see limited impact of these measures both on Russia and India,”said Manoranjan Sharma, Chief Economist, Infomerics Ratings.

“We do not see much impact on India… this will have an extremely limited impact, ” Sharma added.

The sanctioned Indian firms, including companies involved in aviation components, are accused of allegedly facilitating the supply of dual-use goods, which are items that can have both civilian and military applications.

The US Says these sanctions are part of its commitment to hold entities accountable for contributing to what it terms Russia’s “illegal war” in Ukraine.

This move follows previous sanctions against Russian entities and is part of ongoing efforts to isolate Moscow economically and politically in the wake of its actions in Ukraine.

ANI

Ani service

Recent Posts

VINBAX 2024: Vietnam-India bilateral army exercise concludes at Kaushalya Dam

The fifth edition of the historic Indo-Vietnam Joint Field Training Exercise, VINBAX-2024, successfully concluded its…

14 hours ago

India-Russia strengthen defence ties at 22nd Working Group meeting on military technical cooperation

The 22nd meeting of the India-Russia Working Group on Military technical cooperation and defence industry…

14 hours ago

“I want to have strong representation of India at World Nuclear Exhibition 2025”: Sylvie Bermann

Sylvie Bermann, President of the World Nuclear Exhibition expressed confidence in India's nuclear supply chain…

16 hours ago

PoJK: Joint Awami Action Committee protests against government following new ordinance, many injured

Joint Awami Action Committee core member Shaukat Nawaz Mir has condemned the attack of police…

16 hours ago

PM Modi meets 31 world leaders, heads of organisations during his 3-nation foreign visit

Prime Minister Narendra Modi participated in 31 Bilateral Meetings and informal interactions with global leaders…

18 hours ago

India- Australia conduct 11th Indian Air Force-Royal Australian Air Force Air Staff Talks

India and Australia conducted the 11th edition of the Indian Air Force and Royal Australian…

19 hours ago