European Union preparing to ban Indian and Chinese companies, accused of helping Russia

The European Union is getting ready to outlaw businesses from numerous other nations, including China and India. According to the European Union, these businesses are assisting Russia in its conflict with Ukraine. This will be the first time that the European Union has directly banned a Chinese company if the proposal to prohibit these companies is approved by all of the member nations.

According to media reports, the companies which the European Union is preparing to ban include companies from Hong Kong, Serbia, India, Turkey and China. This news has come out quoting media reports. However, the names of the companies have not been disclosed due to legal reasons. The ban on companies will mean that the companies which are banned will not be able to do business with European companies in future. The European Union alleges that Russia is purchasing banned goods with the help of these third-party companies, which it is not able to get directly due to sanctions.

The EU had earlier proposed sanctions on several Chinese companies over allegations of helping Russia in the war against Ukraine, but that proposal was rejected after protests by several member states. China had also promised that it would not help Russia. China is an important trading partner of many European countries. China is the biggest market for cars from Germany, a key EU country. This is the reason why many countries in the European Union are hesitant to impose restrictions on Chinese companies.

The majority of the businesses that are slated for prohibition are in the electronics and technology sector. The corporations are charged with advancing Russia's defence and security industry as well as helping the country become more technologically and militarily powerful. When European Union President Ursula von der Leyen visited Beijing in April of last year, she voiced her worries about the conflict between Russia and Ukraine to Chinese President Xi Jinping.

Three Chinese companies, one Indian company, one Sri Lankan company, as well as companies from Serbia, Kazakhstan, Thailand, Turkey, and Hong Kong are among those that the European Union is getting ready to outlaw.