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🇪🇺🇺🇸🗺️🇨🇳🇷🇺 How a Mumbai Drugmaker Is Helping Putin Get Nvidia AI #Chips📰 🐚💰See comments for posts on🍁shell companies for advanced tech and shell buyers for cloud loopholes ☁️🤖⬇️ 🇮🇳Shreya Pharmaceutical exported 1,111 units of Dell PowerEdge XE9680 servers to Russia in April-August of this year🇷🇺 The servers have processors optimized for #artificialintelligence made by Nvidia Corp with chips restricted by US and the European Union “to target sensitive sectors in Russia’s military industrial complex.” “Shipments worth $300 million and imported by two Russian trading companies, Main Chain Ltd and IS LLC were just the latest in a series of advanced technology exports Shreya made perfectly legally to Russia since September 2022, the data showed.”📊 [excerpt below] That dependence on Russia has proven to be a liability in the past. Shreya began seeing a dip in operating revenues in 2014-15 coinciding with Putin’s annexation of Crimea that led to sanctions and a collapse in the ruble, according to rating agency Crisil. As Shreya relied on sales of its drugs to Russian clients and to its own entity based in Moscow, Shreya Life Sciences LLC, the company began bleeding losses. The drugmaker defaulted on 1.9 billion rupees ($ 23 million) of bank loans in March 2015. While its bankers — including the State Bank of India and the LIC Housing Finance Ltd. — restructured its debt, the Bank of India Ltd. filed a suit against the company under the bankruptcy law in 2019, only to later withdraw the petition after the matter was settled out of court. Shreya returned to profitability in the following years. But the biggest lifeline for the Indian concern came from state-owned Promsvyazbank PJSC in Moscow. The bank’s head is Peter Fradkov, son of the former chief of Russia’s Foreign Intelligence Service, Mikhail Fradkov. Both the bank and Fradkov junior are subject to international #sanctions. Between 2011 and 2013, Shreya borrowed $86 million from the Russian bank, in the form of a foreign currency loan which was mortgaged against shares owned by Sujit Kumar Singh. The money was used to invest in equity shares of Shreya Life Sciences LLC in Moscow, which in turn used the money to pay for the import of pharmaceutical products from the Indian entity. The loan effectively helped keep the company afloat as the drugmaker sold a significant amount of its products to its own subsidiary. Later, in 2018, as other financial institutions grew wary of tightening western sanctions, Russia turned the lender into the key funder of its defense industry. Throughout that time, the bank seems to have allowed Shreya to defer its repayments consistently, as cash flow payments toward its borrowings were a fraction of what was due. As of 2022-23, the company had 7.6 billion rupees in borrowings of which 85% is owed to Promsvyazbank. #ai #loopholes gangster #economy 💊 #sanctions underground #markets💎 #trade #semiconductors #UkraineRussiaWar 🛢️⚖️💰

CHINA CONDUCTED A DOOMSDAY EXPERIMENT To see if its communications networks could withstand an electromagnetic pulse from a nuke. A simulated high-altitude electromagnetic pulse (HEMP) attack was created to assess PLA air force equipment performance. The experiment applied 80 kilovolts/meter to electronics devices to simulate a nuclear explosion. Equipment functioned normally after a brief delay, maintaining an intact data link communication network - Eurasia Times