US lifts sanctions on four companies based in Hyderabad, Delhi, Ahmedabad: All you need to know | Today’s news
The US has lifted sanctions against four Indian companies accused of supplying advanced technology and equipment to Russia’s military-industrial base.
According to a document released by the US government, the companies have been removed from the Office of Foreign Assets Control (OFAC) list of Specially Designated Nationals and Blocked Persons (SDN).
Which are these four Indian companies?
According to details The four companies shared by the U.S. Treasury on Tuesday include:
- RRG Engineering Technologies Private Limited based in Hyderabad
- Lokesh Machines Limited
- Galaxy Bearings of Ahmedabad
- Shaurya Aeronautics Private Limited based in New Delhi
The announcement was made as the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) released its quarterly report on licensing activities under Section 906(b) of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA).
“Following the procedures set forth in TSRA-related regulations, OFAC processes license applications seeking authorization to export agricultural commodities, drugs, and medical devices to Iran under the special licensing regime set forth in Section 906 of TSRA,” the document added.
Why were these companies sanctioned?
The US imposed sanctions on Galaxy Bearings Ltd in October 2024, accusing it of exporting dozens of high-priority dual-use equipment, including roller bearings and roller assemblies, to Russian entities, PTI reported.
Shaurya Aeronautics Private Ltd was sanctioned for allegedly sending shipments of radar equipment, radio navigation equipment, remote control equipment and electrical equipment to Russia.
The US has accused RRG Engineering Technologies of sending more than 100 shipments of microelectronics to Russia’s SDN-listed Arteks Limited Company.
Lokesh Machines was accused of sending dozens of shipments of machine tools to various Russian manufacturing companies.
