Updated February 23rd, 2024 at 22:55 IST

Bengaluru firm Si2 microsystems faces EU sanctions over alleged ties with Russian military

Si2 Microsystems had previously faced sanctions from the US in November, accused of aiding Russia's military and defence industries.

Reported by: Business Desk
Si2 Microsystems | Image:X
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Bengaluru: Indian and Chinese entities have been included for the first time as the European Union (EU) came together to approve a new set of sanctions against Russia and individuals and businesses believed to be aiding Moscow in its conflict with Ukraine. Among those targeted is India’s Bangaluru based tech firm Si2 Microsystems, a design and manufacturing firm specialising in semiconductors and in-house solutions. 

The EU's move, part of its 13th round of sanctions, aims to curb support for Moscow amid the ongoing conflict with Ukraine. Si2 Microsystems had previously faced sanctions from the US in November, accused of aiding Russia's military and defence industries. 

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Extensive 13th sanctions package against Russia's ‘aggression’ gets initial nod 

The Belgian Presidency of the EU 2024 announced on social media platform X that, "EU Ambassadors just agreed in principle on a 13th package of sanctions in the framework of Russia's aggression against Ukraine." The package is described as one of the most extensive approved by the EU and will undergo further formal approval on February 24.

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This decision coincided with the second anniversary of Russia's full-scale invasion of Ukraine, which commenced on February 24. Additionally, it follows the recent passing of Russian opposition figure Alexei Navalny.

200 companies & individuals targeted

Further media reports indicate that these sanctions will target three companies in mainland China, one in India, as well as entities from Sri Lanka, Turkey, Thailand, Serbia, and Kazakhstan. In total, 200 companies and individuals will face sanctions, primarily involving trade restrictions. The full list of targeted entities will be disclosed upon publication in the EU's legal journal.

The measures, as detailed in an Associated Press report, focus on various sectors, including energy, banking, and diamond mining. Russian officials will also be subject to asset freezes and travel bans. Furthermore, restrictions on the export of advanced drone components to Russia have also been introduced.

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European Commission President Ursula von der Leyen welcomed the agreement on the 13th sanctions package against Russia and said,”We must keep degrading Putin's war machine. With 2,000 listings in total, we keep the pressure high on the Kremlin. We are also further cutting Russia's access to drones."

 

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Published February 23rd, 2024 at 22:46 IST