India needs to navigate US sanctions on certain cos to safeguard biz: GTRI

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India needs to navigate US sanctions on certain cos to safeguard biz: GTRI - Business Standard

Quick Summary:

On October 30, the US State Department and the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on nearly 400 entities and individuals, including 19 Indian companies and two individuals, for allegedly supporting Russia's military activities in Ukraine.

India needs to carefully navigate the US sanctions imposed on certain Indian entities to protect their business interests and can engage diplomatically with America and other international bodies to seek remedies, think tank GTRI said on Friday.

To prevent future sanctions, India may plan to tighten export controls, offer clearer business guidelines, and ensure stricter compliance, it said.