👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

U.S. hits Chinese, Russian firms for aiding Russian military

Published 24/02/2023, 15:03
© Reuters. FILE PHOTO-The Department of Commerce building is seen before an expected report of new home sales numbers in Washington, U.S., January 26, 2022.      REUTERS/Joshua Roberts
CHNA
-

By Karen Freifeld, Susan Heavey and Alexandra Alper

WASHINGTON (Reuters) - The Biden administration on Friday added Chinese and Russian companies, including Russia's No. 2 mobile phone operator, to a trade blacklist for allegedly supporting the Russian military, deepening its crackdown on Moscow on the first anniversary of its invasion of Ukraine.

The actions by the U.S. Commerce Department aim "to cut off the Russian defense industrial base and military from even low-technology consumer goods Russia seeks to obtain to sustain the war effort," it said.

The moves show President Joe Biden's administration is broadening its efforts to thwart Russia's military, targeting companies globally for helping Moscow evade export restrictions and access key technologies.

The Commerce Department added Public Joint Stock Company Megafon, Russia's second-largest mobile phone operator, to its entity list for allegedly "acquiring and attempting to acquire" U.S. technology to support Russia's military.

The company did not immediately respond to a request for comment.

The blacklisted companies also include two Chinese satellite companies, Spacety Co Ltd, and China HEAD (LON:HEAD) Aerospace Technology Co, which also did not immediately respond to requests for comment.

Spacety Co, which was sanctioned by the U.S. Treasury Department in January, at the time said it complied with international sanctions against Russia and maintained no ties with the country after the restrictions were imposed.

The agency also imposed new export curbs on Iran, targeting Russia's use of Iranian-made drones in Ukraine.

Of the scores of new additions to its trade restriction list, 79 were Russia-based, five are listed under China, and two are based in Canada. Another three entities are based in France, Luxembourg, and the Netherlands.

Five of the Russian entities were listed for providing support for what the United States called "filtration operations" in occupied areas of Ukraine, which include "the use of biometric technology in suppressing Ukrainian resistance and enforcing loyalty among the Ukrainian population in occupied areas."

© Reuters. FILE PHOTO-The Department of Commerce building is seen before an expected report of new home sales numbers in Washington, U.S., January 26, 2022.      REUTERS/Joshua Roberts

Companies on the list are restricted from receiving U.S.-origin goods and technology.

China on Friday said the only sanctions that should be imposed on Russia should be endorsed by the U.N. Security Council - where the Russians hold veto power - and unilateral sanctions and pressure "only create new problems."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.