India Considers EU Blocking Statute to Shield Versus Foreign Sanctions
New Delhi is checking out the EU Blocking Law to protect Indian companies from interruptions caused by foreign assents, triggered by Microsoft’s suspension of solutions to Nayara Power.
- EU Statute: A 1996 law shielding European business from third-country assents.
- Trigger: Microsoft suspended IT solutions to Nayara Power, citing sanctions.
- Finance Ministry Proposition: Recommends a residential legislation or policy.
- Objective: To prevent India-registered suppliers from following international assents.
- Alternatives: India may require essential sectors to utilize domestically-made sovereign cloud systems.