No proof Indian firms bypassing Russian sanctions, says US official

Tribune News Service

New Delhi, August 24

There is “no evidence” of Indian companies circumventing the US-led sanctions on Russia following the invasion of Ukraine, a top Biden administration official said on Wednesday. “I’ve seen no evidence of Indian companies circumventing sanctions that have been placed on Russia,” said US Deputy Secretary of Treasury Wally Adeyemo during a visit to IIT-Bombay.

Companies around the world, including those in India, the US and Europe, are taking the sanctions seriously and implementing them as well, he said. A few days earlier, RBI Deputy Governor Michael Patra had said the US was concerned over India being used to export fuel made from Russian crude in violation of sanctions imposed by Washington. Transfers of Russian crude are taking place on the high seas and the ships come to a port in Gujarat, where the oil is refined and shipped to New York in the US itself, he had said.

Sanctions being taken seriously

Companies around the world, including in India, the US and Europe, are taking the sanctions seriously and implementing these as well. —Wally Adeyemo, US Deputy secretary of treasury

The US consulate in Mumbai in fact earned the ire of the Ministry of External Affairs when it wrote directly to Mumbai Port Trust asking it not to host Russian ships.

“We have to look at the Russian invasion beyond the immediate concern about the sovereignty of Ukraine getting compromised,” he said, pointing to the economic consequences of the war, especially inflation. He said Indian consumers were paying a lot more for energy than they ought to.

The US Treasury Department had said the official would focus on bolstering energy security, addressing food insecurity globally and combating illicit financial flows.

In a chat with innovators and startups at IIT, he said many of them would not only become rich but will also solve problems that will benefit society, helping deal with challenges like climate change or medical diseases for which there is no solution today.

About The Author

Tribune News Service

The Tribune News Service brings you the latest news, analysis and insights from the region, India and around the world. Follow the Tribune News Service for a wide-ranging coverage of events as they unfold, with perspective and clarity.

Join Whatsapp Channel of The Tribune for latest updates.

#europe #Reserve Bank of India RBI #Ukraine