The United States has imposed sanctions on the Serbian company Ventrade and the Montenegro-based International Business Corporation Bar (IBC) due to their support for Russia’s war efforts

RKS NEWS

The U.S. Office of Foreign Assets Control (OFAC) stated in a press release that Ventrade sold military-grade radios to Russia, while IBC transferred processing equipment and ball bearings to Russian companies, including one that is under U.S. sanctions.

According to trade data, Ventrade, which was established in April 2022 shortly after Russia began its invasion of Ukraine, exported radios to Russia worth $570,000. These exports occurred between September 2022 and June 2023, with shipments passing through Germany, Malaysia, Austria, China, and Mexico.

Since 2021, IBC has been owned by Russian national Sergei Kokorev, based in Montenegro, and the company reportedly increased its profits by about $1 million in 2023.

Five other Serbian companies—MCI Trading, Kominvex, Goodforwarding, Soha Info, and TR Industries—are also already under OFAC sanctions for cooperating with Russia.

Montenegro has imposed sanctions against Russia since Moscow launched its invasion of Ukraine in February 2022. Meanwhile, Serbia, despite being a candidate for European Union membership, has not joined the EU sanctions against Russia.

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