Slovak manufacturer Kinex Bearings is facing allegations of breaching European Union sanctions by continuing to supply bearings to Russia. (source: Freepik)
Slovak manufacturer Kinex Bearings is facing allegations of breaching European Union sanctions by continuing to supply bearings to Russia, according to Ukrainian media outlet United24 Media, as reported by Slovak daily SME.
The outlet cites customs documentation indicating that Kinex Bearings exported over $1.1 million (approximately €950,000) worth of bearings to its Russian subsidiary, Kineks Rus, in 2023, allegedly via Turkish intermediaries. The shipments reportedly took place on four occasions in January, February, and June 2024.
Kinex strongly denies the accusations, stating it severed ties with Kineks Rus in January 2023 and has not sold to Russian customers since. In a formal response, the company criticised the report for not offering it the opportunity to comment and said it is pursuing legal action to halt the spread of what it calls “unfounded” claims.
Bearings are considered a crucial dual-use item — essential in both civilian industry and military applications, including drones and heavy equipment. The EU has restricted the export of such products to Russia due to their strategic significance in weapons production.
Kinex denies Russia trade, blames re-exports and counterfeits
Kinex acknowledged the risk of re-export via third countries and said it includes clauses in contracts prohibiting direct or indirect resale to Russia. “In the case of bearings, it is extremely difficult — if not impossible — to fully prevent re-export,” the firm noted.
Despite claiming losses after its exit from the Russian market, Kinex reported record revenues of €73 million in 2023. Last year’s profits reached €1.48 million. The company attributed this growth to expanded production and increased global sales.
Kinex Bearings: profits and revenues (source: Finstat)
Kinex also warned of counterfeit products circulating under its brand, particularly in Asian markets — a factor it suggests may explain the presence of its bearings in Russia. The company maintains that any such presence is either the result of unauthorised resale or counterfeiting and reaffirms that it has no ongoing commercial ties with the Russian market.
Initial concerns over Kinex Bearings’ alleged exports to Russia were raised last year by the Slovak newspaper Denník N.
