Daily Management Review

Bloomberg: EU plans to exclude five Chinese companies from sanctions against Russia


The European Union plans to strike five Chinese firms out of the 11th set of sanctions against Russia.

According to Bloomberg, which cited sources familiar with the situation, the European Union intends to drop measures to impose restrictions on five Chinese companies that it suspects of providing Russian enterprises with sanctioned technology.

The five companies were reportedly taken off the sanctions list after receiving assurances from Chinese authorities, according to the publication. The source stated that the European Union still intends to implement limitations against three Hong Kong-based corporations. The sanctions package should be approved by EU officials next week.

Bloomberg previously reported that Beijing convinced the EU to abandon its plan to impose restrictions on Chinese businesses. According to one source, China warned "retaliation" if export limitations were put in place.

source: bloomberg.com