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Russia: More than 20 companies are at risk of bankruptcy due to sanctions

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123 more companies added to US export control list

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<p>More than twenty large Russian industrial companies, including construction and automotive companies, as well as home appliance companies, in a letter to the head of the Ministry of Industry and Trade, Anton Alikhanov, state that they are threatened with bankruptcy and there is a risk of stop their operation. They argue that this is due to their inability to buy abroad the necessary raw materials, which are critical for production, even from Russia-friendly countries, due to sanctions.</p>
<p>According to media reports of of RBC group, the cause of these concerns is the 14th consecutive package of sanctions imposed by the European Union on Russia on June 24, 2024. Due to these sanctions, supplies of important materials from the USA, Europe, Japan and recently and from China.</p>
<p>These are mainly raw materials used in the production of refrigerators, car parts, pipes, assembly foams, sealants and flooring. In the letter it is stated that in this case the Russian economy is 100% dependent on imports.</p>
<p>In their letter the companies claim that the stocks of materials they currently have are only sufficient for two months, while agreements with suppliers that help circumvent sanctions, particularly with Saudi Arabia, have not yet been made possible.</p>
<h3 class=US adds more companies to export control list

Meanwhile, the US announced that it is adding 123 entities to the US export control list, known as the “Entity List”, including 63 in Russia and 42 in China .

Entity listing requires US suppliers to obtain a hard-to-give license before shipping materials and products to the targeted companies. This tool is often used by Washington to hit the suppliers of the Russian war effort in Ukraine and the Chinese technology companies that promote Beijing's military.

APE-MPE, with information from www. rbc.ru

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Source: www.kathimerini.com.cy

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