Bloomberg learned about the supply of Nvidia AI chips to Russia through an Indian pharmaceutical company

We are talking about Dell PowerEdge XE9680 servers. At least 998 of them were equipped with Nvidia’s H100 chips, the agency says. These servers and processors are included in the list of products whose export to Russia is restricted by US and EU authorities. However, Shreya legally supplied equipment worth about $300 million to Russian Main Chain LLC and IS

According to ImportGenius and NBD, the servers first arrived from Malaysia to India, from where they were shipped to Russia. The operation of such a scheme indicates loopholes in the system of Western sanctions designed to limit Moscow’s access to dual-use technologies with potential military applications, Bloomberg emphasizes.

The agency’s source in the Indian government said Shreya’s supplies do not violate local laws; the company itself did not respond to a request. Dell, Nvidia and AMD said they strictly adhere to export restrictions.

Shreya Life Sciences was founded in Moscow in 1995 by Sujit Kumar Singh. The company is now registered in Mumbai. It began as a pharmaceutical distributor, but over time expanded into technology distribution.

According to Bloomberg, the company maintains close financial ties with Promsvyazbank. In 2022-23, Shreya’s loans amounted to Rs 7.6 billion ($71.3 million), of which 85% came from the Russian bank.

The agency also claims that another Indian company, Hayers Infotech Private Limited, registered at the same address as Shreya, has exported products worth $434 million to Russia since February 2022.