The European Commission has accused a total of seven Chinese companies of selling weapons-grade equipment to Moscow. According to press reports, he will give approval to these companies this week. Generally, the decision would affect companies that Washington has already punished.
Brussels may propose sanctions against Chinese companies for the first time since the conflict in Ukraine escalated tensions with Beijing – writes Financial Times. According to reports, EU member states will discuss the proposal this week.
A turning point
The European Commission has accused a total of seven Chinese companies of selling weapons-grade equipment to Moscow. It is important to point out that some companies are already sanctioned by the United States, but Beijing does not want the EU to try to prevent Brussels from siding with Washington in the global economic struggle.
The commission has so far avoided punishing China, citing a lack of evidence of direct arms exports.
The new sanctions list must be unanimously approved by all 27 member states before it can take effect. The European Commission’s permit proposal reads in free translation:
As electronic components used by the Russian military and industrial complex play a key role in supporting the war of aggression against Ukraine, it is relevant that some other third-country companies are involved in circumventing trade restrictions and developing electronic components for the Russian military. Industrial complex, to add to the list some Russian companies engaged in its production and distribution.
Most of the Chinese companies on the list manufacture microelectronics or chips. Another interesting point: Brussels is also proposing sanctions against some Iranian companies believed to be producing drones for Russia. The proposal includes powers that could be used to ban oil tankers from EU ports and cover detailed reasons for their transit in the absence of valid reason. The group has not confirmed the reports.
This was answered by MNB Vice President Barnabas Virak and State Secretary of the Ministry of Finance Tibor Toth and several top financial experts at the Napi.Gazdaság conference. Learn more about the conference!
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