Officials from the European Union are reportedly considering sanctions on Chinese and Indian companies over their support for Russia's war on Ukraine, drawing immediate backlash from Beijing.
The EU is looking to target three Chinese companies while also sizing up a business that is based in India as well as firms in Hong Kong, Kazakhstan, Serbia, Sri Lanka, Turkey, and Thailand. Reports cited a draft proposal regarding the matter that has not yet been made available to the public.
EU Considers Sanctions on Chinese and Indian Companies
Officials reportedly want to ban companies from doing business with the listed parties, which they believe could be supporting the Kremlin in its war on Ukraine. Member states voting through the plan would mark the first time that the trading bloc has imposed such restrictions on Chinese and Indian businesses since the start of Russia's invasion in February 2022.
In the aftermath of the initial attack, the EU, the U.S., and other Western nations rushed to sanction Moscow. They cut Russia's banks out of the SWIFT payments system and capped oil prices, as per Business Insider.
The EU alone has already imposed 12 sanctions packages over the past two years while China and India are yet to roll out similar restrictions. The latter two have instead stepped up their purchases of Russian crude.
The European Commission president, Ursula von der Leyen in April 2023 traveled to Beijing to warn Chinese President Xi Jinping not to support Moscow's war efforts. During a press conference, she said that her trip was taking place in a challenging and increasingly volatile context.
The 27-member bloc's 13th sanctions package could be ready later this month to mark the second anniversary of the Russia-Ukraine war.
One official from the EU, who wished to remain anonymous, said that Chinese companies and entities from other third countries that are involved in supporting Russia will be included in the next round of measures, according to CNBC.
Another official noted that the 27 EU ambassadors will work to discuss the proposal during a Wednesday meeting, adding that "work is ongoing." Previously, European officials underlined the close relationship between Beijing and Moscow.
Russia's War on Ukraine
During the World Economic Forum in Davos last month, von der Leyen said that Russia's failure is also economic. She added that sanctions have decoupled its economy from modern technology and innovation, noting that it was now dependent on China.
Data released from China's General Administration of Customs in January showed that the Asian nation's trade relationship with Russia hit a new record high of $240 billion last year. The figures also showed increases in Moscow's purchases of Chinese cars and smartphones.
On the other hand, China has renewed its opposition to "unilateral sanctions" in relation to Russia's war on Ukraine. The Asian country called on the international community to "actively promote peace and dialogue" for a "political settlement of the crisis."
China's permanent representative to the United Nations, Zhang Jun, addressed a UN Security Council session on the conflict on Monday. He said that the NATO military alliance should "wake up from the myth of force and stop making threats and calling for war," said the South China Morning Post.
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