Taiwan's Ministry of Economy has added the Russian company iMachine to the sanctions list. According to the department, the company supplied Taiwanese machines to Russia for conversion to weapons production. This is stated in a press release on the department's website.
►Read the Ministry of Finance on Instagram: main news about investments and finance
What is known
Taiwan also increased the fine for supplies of goods and technologies prohibited for export to Russia by more than 15 times.
“The Trade Administration of the Ministry of Economy also significantly tightened penalties for illegal exports to Russia and Belarus, increasing fines for the first illegal export to Russia by more than 15 times, to 1 million yuan ($140 thousand),” says the department’s website.
The ministry noted that “the international reputation of Taiwanese businessmen is very important for future global sales and must be protected by industry players.”
The department also asked manufacturers to “sever ties” with the Russian Federation and confirm the ban on export of high-tech goods to the country. The Ministry of Economy of Taiwan noted that “countries with a high risk of re-export” (Turkey, UAE, Central Asian countries) are required to strictly declare the end user of the equipment.
Recall
In December 2023, Taiwan expanded restrictions on the export of high-tech goods to Russia and Belarus. The island's Ministry of Economy said that they had tightened measures “to prevent the use of high-tech products of the PRC for military purposes.”
The new restrictions included technologies for the production of semiconductors, some types of chemicals and medicines.