Taiwan Stops Machine Tool Supplies to Russia

AP Photo/Louise Delmotte, File

Taiwan has stopped supplying machine tools to Russia. This happened after tightening export control rules related to the possibility of using machine tools for military purposes, Taiwan News reports.

The publication cites the country's Ministry of Economy. The statement was made after the publication of a report by the British Royal United Services Institute and the Open Source Centre, a US government center. The report mentioned Taiwan as a supplier of machine tools to Russia.

200% Deposit Bonus up to €3,000 180% First Deposit Bonus up to $20,000

Since the machine tools can be used for military purposes, the Ministry of Economy took measures to stop their export to Russia. The fine for the first violation of sanctions was also significantly increased – it now amounts to one million Taiwan dollars (approximately 31,310 US dollars). These measures have already yielded positive results, the ministry believes.

In March, Taiwanese authorities added 77 types of numerically controlled (CNC) machine tools to the expanded list of restrictions on export to Russia and Belarus, including electrochemical, processing, turning, milling, grinding and other machines.

Prepared by: Sergey Daga