Mumbai-based Shreya Life Sciences, known for pharmaceuticals, is reportedly exporting Nvidia AI chips to Russia despite Western sanctions. Trade records reveal Shreya’s role in rerouting Dell servers with Nvidia processors, spotlighting India’s intermediary role in Russia’s high-tech imports amid tightening restrictions.
In a discreet office building in Mumbai’s Andheri district, Shreya Life Sciences, a mid-sized pharmaceutical company, has emerged as an unexpected player in Russia’s access to high-tech equipment amid US and European Union sanctions.
According to a Bloomberg investigation, Shreya Life Sciences has become a significant intermediary in the supply of Nvidia chips to Russia, raising concerns among Western nations about India’s growing role in facilitating Moscow’s access to dual-use technology.
Analysing data from ImportGenius and NBD, Bloomberg News found that Shreya exported over 1,000 Dell PowerEdge XE9680 servers — each equipped with Nvidia’s H100 processors optimised for artificial intelligence — between April and August 2024.
These advanced servers, valued at approximately $300 million, were shipped to Russian trading firms Main Chain Ltd. and IS LLC, despite being on Western export restriction lists due to their potential military applications.
I don’t know why news sites have been acting like this is surprising considering India is one of Russia’s biggest trade partners and even military allies.
They even made it clear from the beginning they had no intention of copying any of the sanctions after the war started.
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.
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