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The Ministry of External Affairs (MEA) on Saturday reacted to the recent US sanctions imposed on several Indian firms and nationals, with a spokesperson stating that 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 allegedly supplying materials and technology to Russia to support its military amid the ongoing war in Ukraine.
Randhir Jaiswal, MEA spokesperson, stated, "We have seen reports on U.S. sanctions. India has a robust legal and regulatory framework on strategic trade and nonproliferation controls. We are also a member of three key multilateral non-proliferation export control regimes-the Wassenaar Arrangement, the Australia Group, and the Missile Technology Control Regime-and have been effectively implementing relevant UNSC sanctions and UNSC resolution 1540 on non-proliferation."
"Our understanding is that the sanctioned transactions and companies are not in violation of Indian laws. Nevertheless, in keeping with India's established non-proliferation credentials, we are working with all the relevant Indian departments and agencies to sensitise Indian companies on applicable export control provisions, as also inform them on new measures being implemented that could impact Indian companies in certain circumstances," he added.
"Regular strategic trade/export control outreach events for Indian industries and stakeholders are being carried out by agencies of the Government of India. We are also in touch with the US authorities to clarify issues." Mr Jaiswal further said.
Indian companies named in the sanctions, such as Shreegee Impex Private Limited maintain they operate within Indian law and claim the sanctions will not impact their business.
Praveen Tyagi, director of Meerut-based Shreegee Impex Private Limited, expressed confusion over the measures, stating, "I don't know why these measures have been imposed on us. But it will not have any impact on us, because we neither import from the US nor export to US."
Rahul Kumar Singh, Director of TSMD Global, remarked, "I can't understand why the US has put the company under sanction. We are a supplier of Automobile parts and Agricultural Implements Automotive. Our company does not have any business from the USA. US sanctions will not have an impact on the company. We supply automobile parts, electronic components and garments to Russian companies. We are not working against the Indian Government and working as per the business norms. We are not doing any illegal things. Our business with Russia will continue as usual."
Manoranjan Sharma, Chief Economist, Infomerics Ratings says that these measures could be an attempt to influence the American elections which are scheduled on November 5 in the United States.
"This is in certain ways, a message to the government and the private sector of these countries, and could strain in a limited way the relations between U.S. and India, which have already been under some strain because of India's alleged low in the case of the Sikh extremist Guru Patwan Singh Pannu. But we see the limited impact of these measures both on Russia and India," said Manoranjan Sharma, Chief Economist, Infomerics Ratings.
"We do not see much impact on India... this will have an extremely limited impact, " Sharma added.
The sanctioned Indian firms, including 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 these sanctions are part of its commitment to hold entities accountable for contributing to what it terms Russia's "illegal war" in Ukraine.
This move follows previous sanctions against Russian entities and is part of ongoing efforts to isolate Moscow economically and politically in the wake 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.)
English (US)