The US Treasury’s Office of Foreign Assets Control quietly removed four Indian companies from its Specially Designated Nationals list on July 1, effectively ending Russia-related sanctions that had been in place since October 2024. The move restores these firms’ ability to conduct US dollar transactions and access international banking services.
The four companies, RRG Engineering Technologies Private Limited, Lokesh Machines Limited, Galaxy Bearings Ltd, and Shaurya Aeronautics Private Limited, were originally blacklisted for allegedly supplying dual-use technology and supporting Russia’s military-industrial complex. No official justification for the delisting was provided.
What happened and why it matters
Back in October 2024, the US sanctioned 19 Indian firms and two individuals as part of a broader crackdown on entities accused of enabling Russia’s military efforts in Ukraine. The four companies just delisted were caught in that dragnet, accused of providing financial, material, and technological support to Moscow.
Now they’re back in. Two of the delisted firms, Lokesh Machines and Galaxy Bearings, are publicly traded companies, which means the immediate market implications are tangible. Regaining access to US counterparties and international finance opens the door to business relationships that were frozen the moment the sanctions hit.
