China Says US Sanctions of Companies Will Impact Supply Chain

Date: Monday, April 17, 2023
Source: Bloomberg

The US sanctions on Chinese companies will adversely affect the stability of the global supply chain, China’s Ministry of Commerce said in response to Washington’s decision to add 12 businesses from the Asian Nation to its export-control list.

The US move is a unilateral action and is not supported by the United Nations, the ministry said in a statement Saturday.

Chinese companies named on the US’s so-called Entity List, a de facto export blacklist that only allows US exports when Washington grants licenses, are mainly distributors of electronic components based in Shenzhen and Hong Kong. They were named because of allegations that they support Russia’s military and defense industries.

The US also added firms from Russia, Singapore, Spain, Syria, Turkey, the United Arab Emirates and Uzbekistan to its list this week.

The White House warned in February that dozens of companies from Russia, China and other countries will be placed on the Commerce Department’s Entity List for evading bans on military or technical supplies to nations including Russia.

In March, the US imposed sanctions on five Chinese companies, and one person, accused of supplying aerospace components to an Iranian maker of drones sold to Russia and used in attacks on oil tankers.


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