The Ministry of External Affairs (MEA) on Saturday reacted to the recent US sanctions imposed on several Indian companies and citizens, with a spokesperson saying the Indian companies have not violated any national laws.
The sanctions announced by the US State Department target 19 Indian companies and two individuals accused of supplying materials and technology to Russia to support its military amid the ongoing war in Ukraine.
External Affairs Ministry spokesperson Randhir Jaiswal said, “We have seen the report on US sanctions. India has a strong legal and regulatory framework on strategic trade and non-proliferation controls. We are also a member of the three major multilateral non-proliferation export control regimes – Wassenaar. The arrangement, the Australia Group and the missile technology control regime – and are effectively implementing relevant UNSC sanctions and UNSC Resolution 1540 on non-proliferation.”
“Our understanding is that the approved transactions and companies are not in violation of Indian laws. Nevertheless, in keeping with India’s established non-proliferation credentials, we continue to work with all relevant Indian departments to sensitize Indian companies on the applicable export control provisions. and agencies, as well as inform them about the new measures being implemented that may impact Indian companies in certain circumstances,” he said.
“Regular strategic trade/export control outreach programs to Indian industries and stakeholders are being undertaken by Indian government agencies. We are also in touch with US officials to clarify the issues.” Mr. Jaiswal further said.
Indian companies named in the sanctions, such as Shreegi Impex Pvt Ltd, say they operate under Indian law and claim the sanctions will not affect their business.
Expressing confusion over the measures, Praveen Tyagi, director of Meerut-based Shreeji Impex Pvt Ltd, said, “I don’t know why these measures have been imposed on us. But it will not have any impact on us, as we neither import nor import. ” Neither from America nor exports to America.”
Rahul Kumar Singh, Director, TSMD Global, commented, “I do not understand why the US has placed the company under sanction. We are suppliers of automobile parts and agricultural equipment automotive. Our company has no business with the USA. The US sanctions will not affect the company. We are not working against the Indian government and as per the trade norms. “Together will continue as usual.”
Manoranjan Sharma, chief economist at Infomerics Ratings, says these measures could be an attempt to influence the US elections to be held on November 5 in the United States.
“This is, in some ways, a message to the government and private sector of these countries, and may, in a limited way, strain the relationship between the US and India, which is already given India’s perceived inferiority in this matter.” The reasons are somewhat tense. But we see limited impact of these measures on both Russia and India,” said Manoranjan Sharma, chief economist at Infomerics Ratings.
“We don’t see much impact on India… it will have a very limited impact,” Sharma said.
The sanctioned Indian firms, which also include 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 the sanctions are part of its commitment to hold accountable entities that contribute to Russia’s “illegal war” in Ukraine.
The move follows previous sanctions against Russian entities and is part of ongoing efforts to isolate Moscow economically and politically in view of its actions in Ukraine.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
