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India needs to navigate US sanctions on certain cos to safeguard biz: GTRI

By Business Standard - 2 weeks ago
India needs to carefully navigate the US sanctions imposed on certain Indian entities to protect their business interests and can engage diplomatically with America and other international bodies to seek remedies, think tank GTRI said on Friday. To prevent future sanctions, India may plan to tighten export controls, offer clearer business guidelines, and ensure stricter compliance, it said. On October 30, the US State Department and the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on nearly 400 entities and individuals, including 19 Indian companies and two individuals, for allegedly supporting Russia's military activities in Ukraine. Then, on November 1, the US Department of Commerce added five Indian companies to its entity list for acquiring and redirecting US-made goods to Russia's defence sector, it said. "While unilateral sanctions imposed by the US are controversial under international law, the practical reality is that countries like India must navig

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