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Hindustan Times
24-07-2025
- Business
- Hindustan Times
Exclusive-Indian firm shipped explosives to Russia despite US warnings
By Gram Slattery, Tom Balmforth and Shivam Patel Exclusive-Indian firm shipped explosives to Russia despite US warnings WASHINGTON/KYIV/NEW DELHI -An Indian company shipped $1.4 million worth of an explosive compound with military uses to Russia in December, according to Indian customs data seen by Reuters, despite U.S. threats to impose sanctions on any entity supporting Russia's Ukraine war effort. One of the Russian companies listed as receiving the compound, known as HMX or octogen, is the explosives manufacturer Promsintez, which an official at Ukraine's SBU security service said has ties to Moscow's military. The official said that Ukraine launched a drone attack in April against a Promsintez-owned factory. The other Russian company is a subsidiary of Spanish explosives manufacturer Maxam, which is itself controlled by New York-based private equity firm Rhone Capital. The U.S. government has identified HMX as "critical for Russia's war effort" and has warned financial institutions against facilitating any sales of the substance to Moscow. According to the Pentagon's Defense Technical Information Center and related defense research programs, HMX is widely used in missile and torpedo warheads, rocket motors, exploding projectiles and plastic-bonded explosives for advanced military systems. The HMX sale to Russian firms has not been previously reported. Russian defense manufacturers have been working around the clock for the past several years to sustain President Vladimir Putin's war in Ukraine, which intensified with Russia's full-scale invasion of its neighbor in 2022. India, which has recently forged closer ties with the United States in an effort to counterbalance China's growing influence, has not abandoned its longstanding military and economic ties with Moscow. India's trade with Russia - especially its purchases of Russian oil - has remained robust, even as Western nations have tried to cripple Russia's war economy with sanctions. U.S. President Donald Trump threatened earlier in July to hit nations with a 100% tariff if they continued purchasing Russian crude. The U.S. Treasury Department has the authority to sanction those who sell HMX and similar substances to Russia, according to three sanctions lawyers. HMX is known as a "high explosive," meaning it detonates rapidly and is designed for maximum destruction. Reuters has no indication that the HMX shipments violated Indian government policy. One Indian official with knowledge of the shipments said that the compound has some limited civilian applications, in addition to its better-known military uses. India's foreign ministry said in a statement: "India has been carrying out exports of dual-use items taking into account its international obligations on non-proliferation, and based on its robust legal and regulatory framework that includes a holistic assessment of relevant criteria on such exports." The U.S. State Department did not comment on the specific shipments identified by Reuters but said it had repeatedly communicated to India that companies doing military-related business are at risk of sanctions. "India is a strategic partner with whom we engage in full and frank dialogue, including on India's relationship with Russia," a spokesperson said. "We have repeatedly made clear to all our partners, including India, that any foreign company or financial institution that does business with Russia's military industrial base are at risk of U.S. sanctions." The State Department did not respond to a follow-up question regarding the financial stakes held by U.S. and Spanish firms in one of the Russian recipient companies. Russia's defense ministry did not respond to a request for comment. "While India has not typically been among the primary jurisdictions used for circumventing sanctions, we are aware that isolated cases can occur," Ukrainian presidential adviser Vladyslav Vlasiuk told Reuters. "We can confirm that the Russian company Promsintez has appeared on our radar in the past, including in connection with cooperation involving Indian counterparts," added Vlasiuk, President Volodymyr Zelenskiy's top sanctions official. WASHINGTON WOOS NEW DELHI Reuters identified two HMX shipments sent in December by Indian firm Ideal Detonators Private Limited, both of which were unloaded in St. Petersburg, according to the Indian customs data. An Indian government official with direct knowledge of the shipments confirmed them. One shipment, worth $405,200, was purchased by a Russian company called High Technology Initiation Systems, or HTIS, the data showed. The other shipment, worth more than $1 million was purchased by Promsintez. Both purchasers are based in Samara Oblast, near the border of Kazakhstan in southern Russia, according to the data. HTIS says on its website it produces explosives for surface and underground mining and engineering projects. It describes itself there as a subsidiary of Madrid-based Maxam, which in turn is majority-controlled by Rhone Capital, a New York-headquartered private equity firm set up by former Goldman Sachs and Lazard bankers. A source familiar with Maxam's operations said the company is in the process of divesting its Russian subsidiaries and that HTIS operates independently. Ideal Detonators Private Limited, based in the Indian state of Telangana, did not respond to a request for comment, nor did Promsintez, HTIS and Maxam. Rhone Capital declined to comment. While several Indian entities were sanctioned during the administration of former U.S. President Joe Biden for supporting Russia's war effort, sanctions were applied sparingly due to geopolitical considerations, according to two U.S. officials who worked on sanctions under Biden. Under Trump, Russia-related sanctions work has slowed to a trickle, and it is not clear if the United States will take further action against Indian companies doing business with Russia's defense industry. Washington has long sought closer relations with India to pull the South Asian country away from China. Jason Prince, a partner at Washington-based law firm Akin, said the U.S. government often prefers to communicate its concerns privately to allies and only take punitive actions as a last resort. This article was generated from an automated news agency feed without modifications to text.
Hindustan Times
24-07-2025
- Business
- Hindustan Times
Indian firm shipped explosives to Russia despite US warnings
* Indian firm shipped explosives to Russia despite US warnings HMX 'critical for Russia's war effort,' U.S. government says * Indian companies have been shipping materiel to Russia despite threat of US sanctions * One Russian recipient has ties to Moscow's military, Ukraine says By Gram Slattery, Tom Balmforth and Shivam Patel WASHINGTON/KYIV/NEW DELHI, - An Indian company shipped $1.4 million worth of an explosive compound with military uses to Russia in December, according to Indian customs data seen by Reuters, despite U.S. threats to impose sanctions on any entity supporting Russia's Ukraine war effort. One of the Russian companies listed as receiving the compound, known as HMX or octogen, is the explosives manufacturer Promsintez, which an official at Ukraine's SBU security service said has ties to the country's military. The official said that Ukraine launched a drone attack in April against a Promsintez-owned factory. According to the Pentagon's Defense Technical Information Center and related defense research programs, HMX is widely used in missile and torpedo warheads, rocket motors, exploding projectiles and plastic-bonded explosives for advanced military systems. The U.S. government has identified HMX as "critical for Russia's war effort" and has warned financial institutions against facilitating any sales of the substance to Moscow. The HMX sale to Russian firms has not been previously reported. Russian defense manufacturers have been working around the clock for the past several years to sustain President Vladimir Putin's war in Ukraine, which intensified with Russia's full-scale invasion of its neighbor in 2022. India, which has recently forged closer ties with the United States in an effort to counterbalance China's growing influence, has not abandoned its longstanding military and economic ties with Moscow. India's trade with Russia - especially its purchases of Russian oil - has remained robust, even as Western nations have tried to cripple Russia's war economy with sanctions. U.S. President Donald Trump threatened earlier in July to hit nations with a 100% tariff if they continued purchasing Russian crude. The U.S. Treasury Department has the authority to sanction those who sell HMX and similar substances to Russia, according to three sanctions lawyers. HMX is known as a "high explosive," meaning it detonates rapidly and is designed for maximum destruction. Reuters has no indication that the HMX shipments violated Indian government policy. One Indian official with knowledge of the shipments said that the compound has some limited civilian applications, in addition to its better-known military uses. India's foreign ministry said in a statement: "India has been carrying out exports of dual-use items taking into account its international obligations on non-proliferation, and based on its robust legal and regulatory framework that includes a holistic assessment of relevant criteria on such exports." The U.S. State Department did not comment on the specific shipments identified by Reuters but said it had repeatedly communicated to India that companies doing military-related business are at risk of sanctions. "India is a strategic partner with whom we engage in full and frank dialogue, including on India's relationship with Russia," a spokesperson said. "We have repeatedly made clear to all our partners, including India, that any foreign company or financial institution that does business with Russia's military industrial base are at risk of U.S. sanctions." Russia's defense ministry did not respond to a request for comment. "While India has not typically been among the primary jurisdictions used for circumventing sanctions, we are aware that isolated cases can occur," Ukrainian presidential adviser Vladyslav Vlasiuk told Reuters. "We can confirm that the Russian company Promsintez has appeared on our radar in the past, including in connection with cooperation involving Indian counterparts," added Vlasiuk, President Volodymyr Zelenskiy's top sanctions official. WASHINGTON WOOS NEW DELHI Reuters identified two HMX shipments sent in December by Indian firm Ideal Detonators Private Limited, both of which were unloaded in St. Petersburg, according to the Indian customs data. An Indian government official with direct knowledge of the shipments confirmed them. One shipment, worth $405,200, was purchased by a Russian company called High Technology Initiation Systems, the data show. The other shipment, worth more than $1 million was purchased by Promsintez. Both purchasers are based in Samara Oblast, near the border of Kazakhstan in southern Russia, according to the data. Ideal Detonators Private Limited, based in the Indian state of Telangana, did not respond to a request for comment. Promsintez and High Technology Initiation Systems also did not respond to requests for comment. While several Indian entities were sanctioned during the administration of former U.S. President Joe Biden for supporting Russia's war effort, sanctions were applied sparingly due to geopolitical considerations, according to two U.S. officials who worked on sanctions under Biden. Under Trump, Russia-related sanctions work has slowed to a trickle, and it is not clear if the United States will take further action against Indian companies doing business with Russia's defense industry. Washington has long sought closer relations with India to pull the South Asian country away from China. Eric Prince, a partner at Washington-based law firm Akin, said the U.S. government often prefers to communicate its concerns privately to allies and only take punitive actions as a last resort. This article was generated from an automated news agency feed without modifications to text.
Yahoo
10-07-2025
- Yahoo
Ukrainian spy colonel gunned down in Kyiv
By Tom Balmforth (Reuters) -A senior Ukrainian security officer was gunned down in a residential parking lot in Kyiv on Thursday before his assailant fled on foot in broad daylight, according to authorities and video footage verified by Reuters. Kyiv's police force said it was working to identify the shooter and that "measures are being taken to detain him". The slain agent was a colonel in the Security Service of Ukraine (SBU), an official told Reuters. The SBU, a sprawling domestic spy agency which has a staff of thousands, said it had opened a criminal investigation into the murder of one of its employees in Kyiv's southern Holosiivskyi district. They did not identify him. The agency's main remit covers security and counterintelligence, but since Russia's 2022 invasion it has also played a prominent role in special operations against Moscow, including assassinations and sabotage attacks far behind the front line. Neither the SBU nor the police gave possible motives for the killing. "The Security Service and the National Police are taking a comprehensive set of measures to clarify all the circumstances of the crime and bring the perpetrators to justice," the SBU said in a statement. CCTV footage circulated on Ukrainian social media showed a man in jeans leaving a residential building and walking to a car park where he was approached by another man, who appeared to fire at him repeatedly before running away. Reuters was able to confirm the location of the video of the purported killing as Kyiv using the guard box, buildings and parking lot layout, which match file and satellite imagery of the area. The date when the video was recorded was verified using the timestamp on the footage and Reuters reporting of the incident. The Ukraiinska Pravda media outlet cited a source saying the assailant fired five rounds from a pistol and identified his victim as Ivan Voronych, an SBU colonel.
The Star
10-07-2025
- Politics
- The Star
Ukrainian spy colonel gunned down in Kyiv
A CCTV footage shows the purported killer running moments after the shooting of a Security Service of Ukraine (SBU) officer in Kyiv, Ukraine July 10, 2025 in this screengrab obtained from a social media video. Ukrainska Pravda/via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. UKRAINE OUT. NO COMMERCIAL OR EDITORIAL SALES IN UKRAINE. RUSSIA OUT. NO COMMERCIAL OR EDITORIAL SALES IN RUSSIA. WATERMARK FROM SOURCE. VERIFICATION: Guard box, buildings and parking lot layout matched file and satellite imagery Date verified by timestamp and Reuters reporting (Reuters) -A senior Ukrainian security officer was gunned down in a residential parking lot in Kyiv on Thursday before his assailant fled on foot in broad daylight, according to authorities and video footage verified by Reuters. Kyiv's police force said it was working to identify the shooter and that "measures are being taken to detain him". The slain agent was a colonel in the Security Service of Ukraine (SBU), an official told Reuters. The SBU, a sprawling domestic spy agency which has a staff of thousands, said it had opened a criminal investigation into the murder of one of its employees in Kyiv's southern Holosiivskyi district. They did not identify him. The agency's main remit covers security and counterintelligence, but since Russia's 2022 invasion it has also played a prominent role in special operations against Moscow, including assassinations and sabotage attacks far behind the front line. Neither the SBU nor the police gave possible motives for the killing. "The Security Service and the National Police are taking a comprehensive set of measures to clarify all the circumstances of the crime and bring the perpetrators to justice," the SBU said in a statement. CCTV footage circulated on Ukrainian social media showed a man in jeans leaving a residential building and walking to a car park where he was approached by another man, who appeared to fire at him repeatedly before running away. Reuters was able to confirm the location of the video of the purported killing as Kyiv using the guard box, buildings and parking lot layout, which match file and satellite imagery of the area. The date when the video was recorded was verified using the timestamp on the footage and Reuters reporting of the incident. The Ukraiinska Pravda media outlet cited a source saying the assailant fired five rounds from a pistol and identified his victim as Ivan Voronych, an SBU colonel. (Reporting by Tom Balmforth; additional reporting by Aaron McNicholas; editing by Alex Richardson)
Yahoo
05-06-2025
- Business
- Yahoo
Exclusive-Ukraine hits out at Europe's payout from frozen Russian cash
By Tom Balmforth and John O'Donnell KYIV/BRUSSELS (Reuters) -Ukraine's government has criticised a decision to take billions of euros of Russian wealth frozen in Europe and hand it to Western investors, warning that it weakened Europe's stand against Moscow. The criticism follows a move last month by Belgium's Euroclear to take 3 billion euros ($3.4 billion) of Russian investor cash held at the clearing firm to pay Westerners who lost out when Moscow seized their money held in Russia. Now Ukraine has warned that it sends a wrong signal and threatens to weaken Europe's hand when dealing with Russia, while it debates using the entire $300 billion of Russian wealth stranded in Europe to rebuild and defend the battered country. "If private investors are compensated before the victims of war, it won't be justice," said Iryna Mudra, a senior official in Ukrainian President Volodymyr Zelenskiy's office, in Kyiv's first public comments on the move. "It creates a perception of inconsistency, of Europe wavering in its resolve," Mudra, a deputy head of Ukraine's presidential administration, told Reuters. "International law requires that the aggressor is to make full reparation to the victim and not to investors who ... entered a high-risk jurisdiction," said Mudra, who is in charge of legal affairs in Zelenskiy's administration. The criticism comes at a critical time for the Western alliance backing Kyiv, with U.S. President Donald Trump's administration distancing itself from Europe and casting doubt over its commitment to Ukraine's defence and Russian sanctions. Mudra, one of a small circle of officials that set policy, also stressed the importance of maintaining control of the frozen Russian assets, which chiefly belong to its central bank with the majority held at Euroclear. The central bank assets were frozen at the outset of war in the single most powerful sanction directed at Russia over its full-scale invasion of Ukraine, a penalty that is deeply resented in Moscow. Euroclear in March gained clearance from Belgium, its principal legal authority, to make the payout, people familiar with the matter have told Reuters, after the European Union changed its sanctions regime last year to make this possible. A spokesperson for the Belgian government said: "This is not a Belgian decision but the application of a European regulation decided unanimously by the member states." Euroclear has emphasised that it only implements sanctions and does not take decisions about lifting them. 'MIND BOGGLING' Three Russian sources recently told Reuters that Russian President Vladimir Putin's conditions for ending the war include the resolution of the frozen assets issue. Ukraine, meanwhile, is campaigning fiercely against any return of the money to Moscow. Euroclear alone held 195 billion euros of cash in March - mainly Russian central bank funds, with some belonging to Russian investors. "If it is returned to Russia, it will be converted into tanks, missiles, drones, training of new troops," said Ukraine's Mudra. "The world ... must demonstrate that unlawful war brings irreversible financial consequences." Some see the frozen Russian wealth as a lifeline for Kyiv. In the past, the West has engineered loans and payments to Ukraine from the interest on the stranded Russian stockpile, which Putin denounced as theft. Ukrainian officials fear the Euroclear payout, even though it does not affect the central bank money, could undermine their efforts to secure an agreement on using the wider pool of Russian assets to help their country. Mykola Yurlov, an official at Ukraine's Ministry of Foreign Affairs, said the payout set a bad precedent, while Kira Rudik, a Ukrainian parliamentarian, was also critical. "Western companies were operating in Russia at their own risk. Why are these companies basically asking their societies to compensate for this risk?" Rudik told Reuters. "We need this money to rebuild and defend Ukraine." Last month's move also drew criticism abroad. "It is mind boggling that the priority is to reimburse corporate interests rather than spend the money defending Ukraine," said Jacob Kirkegaard, a sanctions expert with the Peterson Institute for International Economics, a Washington-based think tank. While the payout to investors left frozen Russian central bank reserves untouched, it made a dent in the stockpile of Russian wealth that gives the EU leverage over Moscow. More importantly for critics, it sets a worrying precedent. European Union leaders are expected to renew sanctions, including a freeze of Russian assets, at a summit meeting in June, although they could yet face an attempt by Hungary to derail those efforts. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
