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No evidence Indian firms circumventing sanctions on Russia: U.S. official

U.S. Deputy Secretary of Treasury Adeyemo says firms honouring sanctions

August 24, 2022 09:20 pm | Updated 09:20 pm IST - Mumbai

There has been no evidence of Indian companies circumventing U.S. sanctions on Russia, U.S. Deputy Secretary of the Treasury Wally Adeyemo said in Mumbai on Wednesday.

“I see no evidence of Indian companies circumventing sanctions that have been placed on Russia,” Mr Adeyemo said, when asked whether the U.S. was concerned about Indian companies circumventing the sanctions. “Companies around the world, including those in India, the U.S. and Europe are taking sanctions seriously and implementing them as well,” he added, replying to questions after his address at the Society For Innovation and Entrepreneurship at IIT Bombay.

Recently, Reserve Bank of India (RBI) Deputy Governor Michael D. Patra had reportedly stated that a U.S. official had expressed concerns over India being used to export fuel refined from Russian crude to the U.S. in violation of the sanctions.

Mr. Adeyemo said that the coalition of countries backing the sanctions was broadening, with many countries joining.

“It’s clear from India’s recent history and conversations I’ve had with leaders of the public and private sector that this country will continue to be a leader alongside America in the digital economy,” he said.

“India has 560 million Internet subscribers and 1.2 billion mobile phone subscribers, a massive market that will fuel innovation for years to come. According to a study by McKinsey & Company, India is digitizing at a faster rate than any other country,” he added.

That meant the future of the global economy would, in large part, be built in India, Mr. Adeyemo asserted.

He said the need for innovation to address the shared challenges had never been greater: from the need for green technology to meet the urgent challenge of climate change, to 21st century infrastructure that could meet the demands of the modern global economy, to the information technologies that proved so vital to keeping India and the U.S. connected during the COVID-19 pandemic.

“What is clear to me is that both of our countries will play pivotal roles in the next wave of technological innovation – and how it is deployed responsibly to the benefit of all segments of society – especially when our people and companies work together,” he added.

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