US Sanctions Indian Firms for Supporting Russia’s War Efforts | 05 Nov 2024

Source: BS 

The United States imposed sanctions on nearly 400 entities and individuals, including 19 Indian firms and two Indian nationals, for allegedly aiding Russia's war efforts in Ukraine. 

• This action highlights the US effort to restrict Russia's military by limiting access to critical technology and supplies. 
• Sanctions restrict or terminate economic relations and can include trade bans, asset freezes, and denial of access to financial systems. 
  • Types of sanctions include comprehensive (e.g., US embargo on Cuba) or targeted (specific individuals or companies). 
• Global Mechanisms: Sanctions can be imposed by individual countries or international bodies like the United Nations, although enforcement is carried out by member states. 
  • Despite extensive sanctions, Russia's economy remains resilient, supported by trade with nations like India and China. 
• Historically, India faced international trade restrictions after its nuclear tests in 1974 and 1998, India also sanctioned other nations.  
  • India targeted South Africa's apartheid regime(1946). More recently, India revoked Pakistan’s Most Favoured Nation (MFN) status in 2019 following a terrorist attack in Kashmir and banned over 100 Chinese apps, including TikTok, since 2021 after India- China border clashes. 

Read more: U.S.A’s Position on CAATSA