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US Says Russia Sourcing Chips From Iran, China Amid Sanctions – Stocks to Watch
  • Fri. May 17th, 2024

US Says Russia Sourcing Chips From Iran, China Amid Sanctions

ByNavdeep Yadav

Feb 16, 2023
US Says Russia Sourcing Chips From Iran, China Amid Sanctions

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The U.S. on Thursday expressed concerns that despite war sanctions, Russia continues to have access to foreign chips and technology through intermediaries like Iran. 

What Happened: U.S. Assistant Secretary of Commerce for Export Administration Thea Kendler told reporters in Tokyo that amid western sanctions, Vladimir Putin  has turned to allies such as Iran, North Korea and China to source sanctioned goods, reported Bloomberg.

“Russia has turned to other countries, if you can imagine the partners of Iran and North Korea, to fill some gaps in its procurement that are created by our products leaving the Russian market,” Kendler said. 

“We know that Russia is using Iranian drones in Ukraine, to kill civilians,” added Kendler.

See Also: Putin Using China Playbook? Ukraine Shoots Down 6 Russian Spy Balloons Over Kyiv

Kendler is currently leading a U.S. delegation responsible for controls on dual-use technology — for both industrial and military aims — in Tokyo for an international trade conference and bilateral meetings with allies.

Last week, media reports indicated that Group of Seven, or G7, nations were mulling sanctions against Chinese, Iranian and North Korean companies that are believed to be providing Russia with parts and technology required for military purposes. The coordinated package of sanctions could be introduced as soon as by Feb. 24 — the first anniversary of Putin’s invasion of Ukraine. 

Meanwhile, the U.S. administration secured an agreement with the Netherlands and Japan to restrict exports of some advanced chipmaking machinery to Beijing. However, the details of the agreement and restrictions are yet to be made public.

Check out more of Benzinga’s Europe and Asia coverage by following this link.

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Image and article originally from www.benzinga.com. Read the original article here.