EU plans sanctions against 7 Chinese companies
According to the news in the British newspaper Financial Times, proposals for sanctions against companies, 2 of which are registered in mainland China and 5 of which are registered in the Hong Kong Special Administrative Region, will be presented to member states by the Commission from the EU this week. .
The proposed sanctions target China’s 3HC Semiconductors and King-Pai Technology, as well as Hong Kong-registered Sinno Electronics, Sigma Technology, Asia Pacific Links, Tordan Industry and Alpha Trading Investments.
IT WILL BE THE FIRST SANCTIONING DECISION
If the proposal is accepted, it will be the first EU sanction decision on Chinese companies in connection with the Russia-Ukraine war.
Previously, the EU had not followed the US decision to impose sanctions on some Chinese companies, saying that the Beijing administration had largely complied with export controls and sanctions against Russia.
3HC Semiconductors, King-Pai Technology, Sinno Electronics, and Sigma Technology are currently on the US sanctions list.
The Commission accuses chipmaker 3HC of “attempting to obtain US-sourced products by circumventing export controls to support Russia’s military and industrial infrastructure.”
On the other hand, the US Treasury Department claimed that Sinno Electronics continued to provide electronic parts to the Russian military and sanctioned Russian companies, which are suppliers to the defense industry, after the start of the war. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
