Taiwan cuts exports of machine tools to Russia – Eurasia Business News

Nov 04, 2024

Business, Geopolitics, industry, Russia, sanctions

Taiwan ceased machine tool exports to Russia due to new controls, increasing penalties for sanctions violations, while manufacturers receive support to prevent breaches.

By Anthony Marcus, correspondent. Eurasia Business News, November 3, 2024. Article n°1281.

Taiwan’s Ministry of Economy announced that the number of machine tools exported to Russia was reduced to zero after the introduction of export control measures. The Ministry promised that it will continue to adjust export control measures and assist manufacturers to control the final flow of product supplies.

The Ministry of Economic Affairs stated that the measures have already shown effectiveness, resulting in a complete cessation of machine tool exports to Russia, which were previously identified as a significant supply source for the Russian arms industry.

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The Ministry also said that it increased the fine for the primary violation of sanctions against Moscow by 15 times, to $ 31,300. Also, since the beginning of the year, the Ministry of Economy has organized 19 information sessions for manufacturers to help them prevent violations.

Taiwan has tightened restrictions on the export of machine tools to Russia and Belarus since March 8 this year. The country has banned the import of 77 types of machine tools, including EDM machines, machining centers, lathes, milling and grinding machines.

The Russian Ministry of Industry and Trade told TASS press agency on March 6 that Taiwan’s sanctions on the export of machine tools will not cause problems with the availability of equipment. The ministry noted that the listed machines are either manufactured in Russia or supplied from friendly countries.

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© Copyright 2024 – Eurasia Business News. Article no. 1281.

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