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Richful Lube Additive Placed in EU's Russia Sanctions List; Shares Down 6%

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Xinxiang Richful Lube Additive (SHE:300910) was included in the European Union's list of sanctioned companies that support Russia, according to a Shenzhen bourse filing on Tuesday.

The Chinese paper chemicals and lubricants additives maker's shares slumped 6% during the midday trade.

The company was among 21 entities and 7 individuals that were placed in the list due to their alleged provision of drones and other military equipment to the Russian military to be used in the war with Ukraine.

The company denounced the decision, saying it does not have a license that would allow it to manufacture military products and it has voluntarily terminated its business with Russia.

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