The head of a Russian technology company called Angstrem-T said that the US sanctions against Russia‘s high-tech industry caused major financial difficulties for its company and delayed a plan to develop alternatives to Western products.
Russian President Vladimir Putin has always stressed the need to develop Russia’s domestic technology industry and reduce dependence on Western products. However, due to the US sanctions against many Russian technology companies, plans to develop microchips and other high-tech products have been hampered.
Ante-T, a technology company that manufactures semiconductors, said Leonid Reiman, chairman of the board of directors and former Russian communications and information technology minister, has owed $944.4 million since 2008. The huge debt, if it still fails to repay at the end of this year, the company will be taken over by the Russian National Development Bank (VEB). Reyman said that part of the difficulty in repaying debts was due to US restrictions on Russian dual-use technology imports and further sanctions imposed on Russia by the United States in 2016.
Prior to the implementation of the sanctions, Ant-T purchased a large number of equipment from ADVANCED Micro Devices and purchased a chip production license from International Business Machines Corporation (IBM). Ante-T relies heavily on US products, but US sanctions have made it impossible to trade with US companies.
US sanctions against high-tech industries
Reyman said: “We have previously obtained approval from the US Department of State for project approval, but due to the impact of the sanctions, the technical delivery work has been delayed. The factory is still producing goods, but the procurement problem has not been resolved.”