Final hours! Save up to 55% OFF InvestingProCLAIM SALE

US takes another step to stem the flow of technology to Russia for weapons

Published 03/28/2024, 08:01 PM
Updated 03/28/2024, 08:45 PM
© Reuters. FILE PHOTO: Ukraine supporters protest against Russia's invasion of Ukraine during a demonstration near the White House in Washington, U.S., March 1, 2022.  REUTERS/Kevin Lamarque/File Photo

By Karen Freifeld

WASHINGTON (Reuters) - The U.S. is asking American companies to stop shipping goods to more than 600 foreign parties over fears the items could be diverted to Russia for use in its invasion of Ukraine, a U.S. official said on Thursday. 

    The Commerce Department sent letters in recent weeks to at least 20 companies with the warning, the latest effort to stymie the Russia war effort in Ukraine, a U.S. Commerce Department official said.

The companies make and sell products found in missiles and drones recovered inside Ukraine.

     Since Moscow invaded Russia in 2022, the U.S. and a more than 30 other countries have put in place a raft of sanctions aimed at degrading Russia's ability to wage its war by cutting off access to Western technology. Yet American components continue to be found in Russian weapons left on the battlefield in Ukraine.

© Reuters. FILE PHOTO: Ukraine supporters protest against Russia's invasion of Ukraine during a demonstration near the White House in Washington, U.S., March 1, 2022.  REUTERS/Kevin Lamarque/File Photo

     "In the last several weeks, we've sent letters to more than 20 American companies, each containing a list of more than 600 foreign parties," Assistant Secretary Matthew Axelrod said at the department's annual export control conference in Washington, D.C. "In those letters, we've requested that the American companies voluntarily stop shipping to these parties due to the high risk of transshipment to Russia."

Axelrod said senior U.S. officials in the Commerce, State and Treasury departments have also been reaching out directly to senior leaders in U.S. companies to discuss further steps they can take to help prevent their products from ending up inside Russia.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.