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European Union proposes new sanctions targeting Chinese companies at the forefront in Russia

by John Pierce
July 3, 2023
in Business
3 min read
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The executive body of the European Union body on On Monday, he suggested blacklisting several Chinese companies with Restrict exports to countries She is seen to be involved in Bypassing Russia trade restrictions under new Penalties against Moscow for the war against Ukraine.

The 27th member of the European Union countries – which everyone must agree for new Penalties to be enacted – will have a first discussion on Wednesday on Proposal by the European Commission’s Foreign Ministry policy Several diplomatic sources said on Monday.

Suggestion focuses on Anti-Spoofing of Existing trade Through the restrictions of the third countries, the sources said, after the European Union identified China, Turkey and the United Arab Emirates, as well countries in Central Asia and the Caucasus as possible suspects.

Seven companies in China will be subject to asset freeze in European Union, said familiar diplomats with proposal or offer, in What will happen first for The block to punish China over accusations of Beijing role in Russia war in Ukraine.

Chinese Foreign Ministry spokesman Wang Wenbin said on Monday that China urges the EU not to take “wrong pathIt is ready to take action to protect its rights and interests.

China opposes business that use Sino-Russian cooperation as a pretext for illegal sanctions or long-term jurisdiction against China,” Wang Fei said regular news conference.

The Financial Times reported earlier on On Monday, the companies involved were King-Pai Technology-based 3HC Semiconductor in Mainland China, as well as Sinno Electronics, Sigma Technology, Asia Pacific Links, Tordan Industry, and Alpha Trading Investments in Hong Kong.

speaking for European Commission on Monday confirmed the proposal was sent out Member States and aims to bridge the gaps in Russia trade limitations however declined to give the details.

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The block maybe also Expand list of Goods that have been banned from transit through Russia because they are trying to starve out Moscow of technology user in the battlefield against Ukraine, according to sources.

Among those added to blacklist He was also be individuals deemed to be involved in Ukrainian deportation children And moving Cultural goods to Russia from the war zone in The sources said that Ukraine.

What will be the eleventh European Union package of Penalties against Russia since the invasion of Ukraine in February 2022, Block A will present new The mechanism of reducing its exports to third place countries She is seen to be involved in Bypassing Russia’s sanctions.

It will be empty vessels for Now it can be filled afterwards up As needed ” one Diplomat in the European Union. “The whole point is never use He has to go for Diplomatic communication first and provide technical assistance.”

“Just like last We will face this threat pending.”

based on on analysis of Germany releases the data since Russia invasionEuropean Bank for Said Reconstruction and Development (EBRD) last Feb that some eu ban trade It was flowing into Russia via Caucasus and Central Asia.

“The analysis… shows sharp drop in Direct exports from the European Union to Russia after the introduction of Penalties in March 2022. At the same time, an increase in EU exports to Armenia, Kazakhstan and the Kyrgyz Republic are noted …”.

Both styles are particularly clear for Product groups are partly or wholly subject to EU sanctions as are goods similar to those subject to sanctions.”

some of The sources suggested discussions among the members countries It may be long and risky because the proposal threatens to spoil economic and political relations.

“I don’t expect a decision on Wed or next week too. Member states have many ideas on whether this a good street, how It will actually affect them,” said A second diplomatic source.

Proposal or offer highlights The EU’s increasing willingness to target the third position countries and foreign entities with Its sanctions, despite the bloc’s long-standing insistence that it is not taking extraterritorial measures in the manner of the United States.

“if we were like To admit it or not, it is clear that way “Things are going,” a third EU diplomat told someone. directly included in fee up Penalties.

separately on On Monday, Russia unleashed its biggest wave of Drone attacks on Ukraine for Months of escalating attacks in the run-up on May 9th holiday Celebration of defeat of Nazi Germany in World War II.

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