Occupying the top three floors of an unremarkable office building in northern Mumbai, there¡¯s little to distinguish Shreya Life Sciences from the many other commercial businesses that keep the Andheri neighborhood of India¡¯s largest metropolis humming throughout the day.

But this inconspicuous pharmaceutical company is part of a lucrative trade in leading-edge technology to Russia that has the U.S. and its European allies worried at India¡¯s burgeoning role as an intermediary in the sales.

A Bloomberg News analysis of data compiled by trade-tracking firms ImportGenius and NBD shows that Shreya exported 1,111 units of Dell Technologies¡¯ most-advanced servers to Russia in April-August of this year.