Ukraine has removed the names of companies with business links in Russia from its black list under international pressure. The EU, US, and UK had imposed sanctions on Russia, but the impact on the Russian economy was not as severe as expected. Ukraine initially wanted to create a 'name and shame' list of companies that indirectly assist in or contribute to Russia's war efforts, but was advised against it due to potential backlash. The international civil society groups in Europe believed the black list was necessary to call out companies doing business in Russia. However, many companies used political pressure to get their names removed from the list.
China has demanded that Ukraine immediately remove more than a dozen Chinese companies from the list of firms designated as 'international sponsors of war'. Ukraine had listed 48 companies globally, including 14 from China, as 'international sponsors of war' whose business activities indirectly assist in or contribute to Russia's war efforts. China has close ties with Moscow and has offered to help mediate in the war. China has the most companies on the blacklist with 14, followed by the United States, France, and Germany with eight, four, and four respectively. The addition of these Chinese companies to the Entity List could have significant implications for their ability to do business with American companies. It remains to be seen how this latest development will impact China-US trade relations.
China's Ministry of Commerce has firmly opposed the United States' decision to add 13 Chinese entities to its unverified list of export controls, known as the Entity List. The ministry has denounced this move as an unreasonable suppression of Chinese firms and has urged the US to immediately stop such actions. China has stated that it will resolutely safeguard the legitimate interests of Chinese companies. China has criticized the US for adding these companies to the Entity List, arguing that the decision is based on unverified information and violates the principles of fair competition. China has called on the US to correct its mistake and remove the companies from the list.
The failure of economic sanctions to isolate Russia has led the West to negotiate with Russia and pressure Ukraine to do the same, strengthening President Putin's hand. Western European countries now view Russia as an ideological enemy, limiting interaction with Moscow.
In a separate development, the EU court has removed Mikhail Fridman and Petr Aven from the Russian sanctions list. The court found that the EU had not provided sufficient evidence to support the inclusion of Fridman and Aven on the sanctions list. The ruling is a blow to the EU's efforts to impose sanctions on individuals and entities involved in the conflict in Ukraine. The EU has accused Fridman and Aven of providing financial support to pro-Russian separatists in eastern Ukraine. The court's decision could have implications for other individuals and entities on the sanctions list, as it sets a precedent for challenging the inclusion of names on the list.