Founded in 1995 by CEO Sujit Kumar Singh to distribute pharmaceuticals in post-Soviet Russia, Shreya’s shift towards technology exports represents a notable diversification from its core business. The company has capitalised on the demand for restricted products as traditional suppliers have retreated following Russia’s invasion of Ukraine in 2022.
A key aspect of Shreya’s recent operations involves Malaysia, which has become the source for much of the technology being re-exported to Russia. Trade records reveal that Shreya imported 1,407 Dell servers from Malaysia between March and August 2024, subsequently rerouting them to Russia.
While trading with Russia is not illegal for Indian companies — given India’s non-participation in US or EU sanctions — Shreya’s transactions have attracted scrutiny from Western authorities. Visits by US and EU officials to India highlight the urgency of closing loopholes that allow sanctioned technology to reach Russia.
That’s quite the pivot. I hope someone in India is paying close attention to Mr. Singh’s bank accounts.
But nowhere near the last.