US sees compliance, even ‘self-sanction’, on Russian export controls in Asia By Reuters

© . FILE PHOTO: Plastic letters that read “Sanctions” are placed in front of the US and Russia flag colors in this illustration, taken Feb. 28, 2022. REUTERS/Dado Ruvic/Illustration TAIPEI () – The United States has seen no indications of not Asia’s compliance with export controls on Russia as a result of the invasion of Ukraine, and companies are even self-sanctioning, a senior US official said Tuesday. “The restrictions have been in place for about a month, a little over a month, and we certainly haven’t seen any indication of non-compliance. In fact, we’ve seen the reverse,” Matthew Borman, US Commerce Department Deputy Assistant Secretary for export administration, told a conference call when asked about Asia’s response. “I think there is also a fair amount of additional self-sanction, if you will, by multinational companies operating in Russia,” he added. Major players know there is significant risk to their businesses if they fail to comply with measures the United States could take, including fines or criminal penalties, Borman said. “We know that Russia is quite dependent on foreign supplies for some key inputs such as semiconductors, so I think it will be clear relatively quickly if there is non-compliance and the job will be to trace that back to its origin.” In Asia, Japan, South Korea, Singapore and Taiwan have joined the Western-led sanctions effort. China, the world’s second-largest economy and a close friend of Russia, has repeatedly objected to the sanctions, calling them ineffective and urging it to maintain normal economic and trade exchanges with the country. Borman said the United States had held talks with Chinese government officials to explain the “extent of controls” on Russia, and could take enforcement action against Chinese companies allegedly violating US bans. The United States has warned of significant repercussions if Beijing offers Russia material support for its war in Ukraine, or Moscow offers an economic lifeline despite sanctions. US President Joe Biden, speaking with Chinese leader Xi Jinping earlier this month, has said China understands that its economic future is more closely tied to the West than to Russia. “We are always ready to work with any government in Asia to explain our actions in more detail,” Borman said. Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media assumes no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts, and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

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