China Passes Law To Counter Foreign Sanctions

China Passes Law To Counter Foreign Sanctions

China passed a law to counter foreign sanctions, responding to growing pressure from the United States and the European Union on trade and human rights.

Andrew H. Sweet
  • Beijing has accused the U.S. of "cracking down" on Chinese companies and threatened retaliation after President Biden last week expanded a blacklist of foreign companies in which Americans are barred from investing in the name of national security.
  • The countermeasures in the Chinese law include "denial of visas, entry or expulsion... and sealing up, seizing and freezing assets of persons or enterprises that adhere to foreign sanctions against Chinese enterprises or officials."
  • China's Anti-Foreign Sanctions Law also allows the country's courts to punish companies for complying with foreign laws that infringe on national interests, thus putting multinationals that comply with the U.S. sanctions at risk.
  • In addition, the law states that companies or individuals in China do not need to comply with foreign restrictions.

Read the original story here.

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