America Bans Indian Companies: Bad news has come from America for India. In fact, the US Biden government has banned two Indian companies for being involved in LNG trade with Russia and violating US sanctions. The names of the two companies which have been banned by the US government are Skyheart Management Services Private Limited and Envision Management Services Private Limited. Both these companies are located in Gurugram, Haryana.
What did the US State Department say
According to The Mint news, the US State Department said in a statement that these companies supported Russia’s Arctic LNG 2 project, which is an important part of Russia’s energy sector. This project is helping to financially support Russia’s war against Ukraine. According to the US State Department, these companies have provided financial, physical or technical assistance for or in support of Arctic LNG 2. Under US law, they are designated under Executive Order 14024, which allows actions to be taken against entities and individuals involved in Russia’s energy sector.
What effect will the American ban have?
The US statement said two vessels owned by Envision Management Services – Migrant and Onyx – were found to be involved in transporting LNG from Russia. Now the assets of these ships and companies will be seized under US sanctions and any kind of trade with them will be banned.
Let us tell you, recently US Secretary of State Antony Blinken said that America has imposed sanctions on more than 200 institutions and individuals associated with Russia’s energy sector. In addition, more than 180 vessels have also been designated as “blocked assets”. Blinken said that this action is aimed at disrupting Russia’s income from energy resources and weakening Russia’s war against Ukraine. In this regard, the US Treasury Department has imposed sanctions on more than 150 individuals and institutions. These also include Russia’s major oil producers Gazprom Neft, Surgutneftegas, Russian insurance companies and several large shadow fleet ships.
Also read: Ola Electric Stock: Bad news for Ola Electric, CCPA sent third notice, impact may be seen on shares.
