Treasury Department/Sanctions on Serbian and Montenegrin companies aiding Russia's war in Ukraine

2024-10-31 20:16:00, Kosova & Bota CNA

Treasury Department/Sanctions on Serbian and Montenegrin companies aiding

The US Department of the Treasury sanctioned two companies based in Serbia and Montenegro for helping Russia in its war against Ukraine. The Serbian company that sold military radios to Russia and the Montenegrin company that transferred military equipment from Montenegro to Russia are among 275 individuals and entities that have violated US sanctions as part of Russian schemes to evaded sanctions.

On the list of third-country companies, according to Wednesday's decision, the US Treasury named the Serbian company 'Ventrade' for selling military radios to the company 'Promsvyazradio', a Russian firm that manufactures broadcasting equipment. The Russian company, according to the Treasury, was cooperating with the other Russian firm 'Budaphone', which is a contractor of the Russian Ministry of Defense, which acts as a center for the assembly and installation of digital radio connections.

Russian firms in the scheme were linked to Hungarian national Bence Horvath, who was sanctioned in August by the US Department of Justice for his efforts to illegally export US radio technology to the Russian government.

Meanwhile, the Serbian firm 'Ventrade' was sanctioned for material assistance and technological support through its products or services for the firm 'Promsvyazradio', according to the Treasury statement.

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Also, the Montenegro-based company International Business Corporation Bar (IBC), owned by Russian citizen Sergey Kokorev, who lives in this country, according to the Treasury, served to transfer equipment for the production of metal parts and bearings manufactured in Europe for manufacturing firms in Russia, including the company 'AMS Tekhnika', which is involved in the wholesale distribution of industrial machinery and equipment. According to the Treasury Department, the Russian Kokorev used his company 'IBC' to export military equipment from Montenegro to Russia.

Sanctions against owner Kokorev and his company were imposed due to being part of the manufacturing sector of Russia's economy.

"The United States and our allies will continue to take decisive action around the world to prevent the supply of essential equipment and technology to Russia that it needs for its illegal and immoral war against Ukraine," said Deputy Secretary of Treasurer, Wally Adeyemo. "We are determined to prevent Russia from supplying its war machine and stop those who want to aid its efforts by circumventing sanctions and export controls."

According to the Treasury Department, due to international sanctions, Russia is "increasingly dependent on a complex and costly international scheme to purchase critical technologies and manufacture equipment and machinery" for its weapons.

Montenegro, a member of NATO, has joined the Western countries in imposing sanctions on Russia since the beginning of the attack on Ukraine, while Serbia, a candidate state of the European Union, has not become part of the imposition of sanctions on Russia. / VOA