Businesses "stuck" under Russian sanctions, India asks US to do this

Reuters quoted three sources as saying that India has asked the US to release $26 million belonging to at least two of its diamond companies due to sanctions against Russia.

India asks US to release funds frozen due to Russia sanctions. (Source: Reuters)

The two companies had their assets frozen for allegedly doing business with Russia's major diamond company Alrosa.

The US Office of Foreign Assets Control (OFAC) – the financial body that oversees sanctions – froze the funds this year, according to two unnamed sources in the Indian government.

This is the first time OFAC has frozen the assets of an Indian company since the Russia-Ukraine conflict and since the West imposed sanctions on Moscow entities.

“The government is aware of OFAC’s action and has initiated dialogue on the issue,” a source in the Indian government revealed.

Alrosa, which is controlled by the Russian state and is the world’s largest producer of rough diamonds, did not respond to an email seeking comment.

India has the world's largest diamond processing capacity and polished diamond exports were worth more than $22 billion in the fiscal year that ended on March 31.

The diamond industry, mainly based in the western state of Gujarat, buys rough diamonds from suppliers in countries such as the United Arab Emirates (UAE), Belgium and Russia.

Source: https://baoquocte.vn/doanh-nghiep-dinh-lenh-trung-phat-cua-nga-an-do-yeu-cau-my-lam-dieu-nay-240275.html