Latest news with #MinistryOfCommerce
Russia Today
10 hours ago
- Business
- Russia Today
Beijing slams EU for including Chinese firms in Russia sanctions
The EU's decision to include Chinese companies and financial institutions in the latest round of sanctions against Russia is baseless, China's Ministry of Commerce has said, stressing that Beijing will protect the targeted companies. On Friday, Brussels blacklisted two Chinese banks and five companies as part of the 18th sanctions package against Russia over the Ukraine conflict, claiming that they helped circumvent earlier sanctions. 'China has consistently opposed unilateral sanctions that lack a basis in international law and are not authorized by the UN Security Council,' a spokesperson for the ministry told journalists on Monday, warning that the EU's move will severely impact bilateral trade, as well as economic and financial cooperation. The ministry called for an immediate halt to 'the erroneous practice,' adding that China will 'take necessary measures to resolutely safeguard the legitimate rights and interests' of its sanctioned businesses. Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank were included in the EU sanctions list for allegedly providing cryptocurrency services which, according to Brussels, were 'frustrating the purpose of the sanctions' on Russia. This is the first time Chinese lenders have been added to the EU sanctions list since the escalation of the Ukraine conflict in February 2022. The latest round of EU sanctions also targets seven UAE-based enterprises accused of engaging in oil trading or ship management services supporting Russian exports. Nayara Energy, an Indian oil refinery in which Russia's Rosneft holds a 49% stake, was also included. In addition, the bloc sanctioned eight Belarusian-based companies in the military-industrial sector, claiming that they support Russia through manufacturing or facilitating military technologies. Four Turkish companies were also targeted for allegedly supplying dual-use goods and technologies that could support Russia's military-industrial complex. Kremlin spokesman Dmitry Peskov described the EU's latest sanctions as a 'double-edged sword,' warning that 'each new package adds a negative effect for the countries joining it.' He stressed that Russia has already developed 'a certain immunity' to the 'illegal' Western sanctions.
Zawya
4 days ago
- Business
- Zawya
Saudi ministry names violator for selling non-compliant electrical products in Khamis Mushait
RIYADH — The Ministry of Commerce has publicly named a business and its representative following a final court ruling convicting them of violating the Kingdom's Anti-Commercial Fraud Law by possessing and selling substandard electrical products. Inspection teams from the ministry discovered 125 non-compliant electrical extensions offered for sale at the establishment during routine field visits in Khamis Mushait. A final ruling by the Court of Appeals in the Asir region imposed a financial penalty, ordered the closure of the business for three days, and mandated the confiscation and destruction of the fraudulent items. The verdict was also published at the violators' expense. The Ministry reaffirmed its commitment to enforcing the law and taking action against violators. Penalties under the Anti-Commercial Fraud Law may include up to three years in prison, fines of up to SR1 million, or both, in addition to public naming of offenders. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
South China Morning Post
5 days ago
- Automotive
- South China Morning Post
What you need to know about China's export restrictions on 8 key EV battery technologies
China's latest export restrictions on eight key electric vehicle (EV) battery technologies officially took effect this week, about half a year after it announced its intention to implement them. According to the rules announced by the Ministry of Commerce and the Ministry of Science and Technology, manufacturers using the technologies in the production of EV batteries must now obtain government licences before transferring them abroad. In this explainer, the Post takes a look at the technologies involved and the potential impact of the restrictions. Which technologies are subject to export restrictions? The restrictions primarily cover technologies for battery cathodes, a critical component that sets the ceiling for a battery's energy density and lifespan. Restrictions are being applied to three technologies used to make intermediate substances needed for battery cathodes – including those used to produce lithium iron phosphate (LFP), lithium manganese iron phosphate (LMFP), and other phosphate-based precursors with defined chemical compositions and performance standards. Five technologies related to lithium extraction and processing – essential upstream steps for producing materials such as LFP – are also included on the export restriction list. The announcement also specified that export restrictions on gallium extraction technologies – used in the production of a key semiconductor material – now focus on ion exchange and resin techniques, replacing the broader 'dissolution method' mentioned in previous rules. Why are these technologies so important?
Zawya
5 days ago
- Business
- Zawya
Social media powers rapid increase in e-commerce in Oman
Muscat – The e-commerce sector has recorded exponential growth with over 10,500 businesses licensed to operate online as of mid-July 2025. According to Ministry of Commerce, Industry and Investment Promotion, the number of e-commerce licences has grown at a compound annual rate of 191% between 2020 and 2025 fuelled largely by increased activity on platforms such as Instagram, TikTok and WhatsApp. This rapid expansion is attributed to an increasing preference for digital interaction, especially among small and medium enterprises that now rely on social media to market and sell products. The trend aligns with global shifts in consumer behaviour and is further supported by Oman's first e-commerce regulatory framework which was introduced in September 2023. Hanan bint Hamid al Jabriya, Head of E-Commerce Section in the ministry, said the regulations under Ministerial Decision No 499/2023 provide the legal basis for online businesses to operate. These include websites and social media accounts, with most popular being those dealing in perfumes, cosmetics and ready-made garments. Speaking of challenges, he added, 'Some customers hesitate to pay in advance due to scams they've seen online. Others cancel after placing orders, which creates logistical and financial setbacks.' Despite these hurdles, Oman's e-commerce environment is gaining traction. The National E-Commerce Plan (2022–2027) aims to transform the country into a regional hub by building an advanced digital trade ecosystem. The ministry continues to tighten monitoring of online transactions and promote safer practices across social platforms. As Oman's online business community expands, the government is working to ensure regulatory and technical infrastructure keep pace, supporting both sellers and consumers in a fast-evolving marketplace. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
6 days ago
- Automotive
- Zawya
Oman: Several legal measures taken against hidden trade
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, met on Tuesday at the Ministry's headquarters with a number of entrepreneurs working in the vehicle repair and maintenance sector. The meeting addressed key challenges facing workshop owners and businesses in this vital sector, including unfair competition under the guise of concealed trade. The ministry confirmed that it has taken several legal measures against violating companies by implementing the first phase of Ministerial Decision No 412/2023 on combating concealed trade, which covered the governorates of Muscat, Dhofar and Al Batinah North. The second phase of the decision will be rolled out in the coming period. The discussion also touched on challenges related to obtaining land usufruct rights for conducting economic activities in vehicle repair and maintenance, as well as financing difficulties for projects in this sector, including personal and housing loans for entrepreneurs. The importance of digitising all government services was also highlighted. Mubarak bin Mohammed al Dohani, Director-General of Planning at the Ministry of Commerce, Industry and Investment Promotion, emphasised that the meeting aligns with the ministry's policy of opening direct dialogue channels with economic activity owners. He noted that the vehicle repair and maintenance sector represents a key link in the value chain of Oman's automotive market, offering vast opportunities for entrepreneurship and self-employment. Data released by the Information and Statistics Department at the Ministry of Commerce, Industry and Investment Promotion indicates that the number of licensed companies in vehicle repair and maintenance activities exceeded 13,500 by June 2025, distributed across various governorates of Oman. Muscat Governorate leads with 3,690 establishments, followed by Al Batinah North (2,226 establishments) and Dhofar (1,941 establishments). The data also reveals that the most common activities are vehicle electrical repair (3,651 establishments), vehicle mechanics (2,363 establishments) and oil change services (1,441 establishments). Meanwhile, full Omani ownership accounts for over 95% in most of these activities. This meeting is part of the ministry's ongoing efforts to support entrepreneurs and foster a flexible, fair business environment that keeps pace with market developments and supports the commercial aspirations of Omani citizens.
