The United States has imposed sanctions on the Serbian company, Ventrade, and on the International Business Corporation Bar (IBC), based in Montenegro, due to the export of dual-use goods to Russia, which can be used in the defense industry.

The US Office of Foreign Assets Control (OFAC) said in a statement that Ventrade sold military-grade radios to Russia, while IBC transferred machining equipment and ball bearings to Russian companies, including one that is under US sanctions.

According to trade data of the company Ventrade, a company founded in April 2022, shortly after Russia began its invasion of Ukraine, this firm exported radios to Russia worth $570,000. These exports were made in the period September 2022 to June 2023 through Germany, Malaysia, Austria, China and Mexico.

As of 2021, IBC is owned by the Russian citizen based in Montenegro, Sergei Kokorev, and this company has increased its earnings in 2023 by about $1 million.

Five other Serbian firms – MCI Trading, Kominvex, Goodforwarding, Soha Info and TR Industries – are also under OFAC sanctions for their cooperation with Russia.

Montenegro has imposed sanctions on Russia, after Moscow launched its invasion of Ukraine in February 2022. Meanwhile, Serbia, despite being a candidate state for membership in the European Union, has not joined the European bloc’s sanctions against Russia.