Washington/New Delhi: The Trump administration has taken an important decision as negotiations on the proposed trade deal between India and America reach the final stage. The US Finance Department has removed four Indian companies from the Specially Designated Nationals (SDN) sanctions list. This step is being considered important in terms of economic and trade relations between the two countries.
The companies removed from the sanctions list include Hyderabad-based RRG Engineering Technologies Pvt Ltd, Lokesh Machines Ltd, Ahmedabad-based Galaxy Bearings Ltd and Delhi-based Shaurya Aeronautics Pvt Ltd.
What does it mean to be delisted from SDN?
According to the US Finance Department, these companies have now been removed from the Specially Designated Nationals (SDN) list. The assets of the entities and individuals included in this list in US jurisdiction are frozen and financial transactions with them are also banned.
Restrictions were imposed in 2024
This decision has been taken after almost two years. In the year 2024, the US Office of Foreign Assets Control (OFAC) had imposed sanctions on 21 Indian entities under an executive order. These included 19 companies and two individuals.
At that time, the US had alleged that these institutions were part of a network linked to Russia that was helping to circumvent the sanctions imposed after the Ukraine war.
The action took place after the Russia-Ukraine war
The US had imposed comprehensive economic sanctions on Moscow after Russia’s 2022 attack on Ukraine. Action was also taken against many foreign companies to ensure compliance with these restrictions.
At that time, the Indian government had clarified that dialogue is ongoing with the US on this issue and India is a responsible country that abides by international obligations.
Two listed companies also included
The four companies removed from the sanctions list are publicly listed companies Galaxy Bearings Ltd and Lokesh Machines Ltd.
Lokesh Machines’ major customers include global companies such as John Deere, Cummins, Volvo, Honda and Suzuki. Whereas RRG Engineering Technologies is a company to the aviation sector of India.
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