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EU considers sanctioning Chinese companies aiding Russia, Bloomberg

EU considers sanctioning Chinese companies aiding Russia, Bloomberg Illustrative photo (Photo: Getty Images)
Author: Daria Shekina

The European Union, as part of the new package of sanctions, intends to impose restrictions on Chinese companies for their assistance to Russia, according to Bloomberg.

"The European Union has proposed new trade restrictions on about two dozen firms, including three based in China, accused of supporting Russia’s war efforts in Ukraine," the material writes.

It is noted that if adopted, this would be the first instance of the EU imposing restrictions on Chinese companies since Russia's invasion of Ukraine.

According to the draft proposal reviewed by Bloomberg, companies from Hong Kong, Serbia, India, and Türkiye are also included in the list.

The EU has previously sought to impose similar sanctions

Restrictions will prohibit European firms from trading with listed companies as part of efforts to prevent Russia from obtaining sanctioned goods through companies in third countries.

Earlier, the EU proposed to list several Chinese companies, but these proposals were rejected due to resistance from some member states and after Beijing provided certain assurances.

"The issue is of critical importance to the EU, which counts Beijing as one of its most important trade partners, and in particular for Germany, for whom China is the biggest market for carmakers including Volkswagen AG," the article writes.

Who else could be affected by the new sanctions

The EU accuses technology and electronic companies of aiding Russia's military and technological development or the development of the Russian defense and security sector.

The proposals include three Chinese firms and one each from India, Sri Lanka, Serbia, Kazakhstan, Thailand, Türkiye, and Hong Kong.

New package of sanctions

The European Union began discussions on a new package of sanctions, which it intends to approve by February 24, 2024.

In early February, the media reported that over 200 companies and individuals would be included in the new package.

According to Reuters, the package of sanctions will not include new restrictions on the import of Russian goods.