Ukraine sanctions target Chinese tech amid rising tensions
Ukrainian President Volodymyr Zelensky signed a decree on Friday imposing sanctions on 59 individuals and 60 legal entities, including several companies from China.
What do you need to know?
- When were the sanctions imposed? Volodymyr Zelensky signed a decree on Friday implementing the decision by the National Security and Defense Council (NSDC) concerning the sanctions.
- Who are the sanctions targeting? They target 59 individuals and 60 legal entities, including Chinese companies from the high-tech and aerospace sectors.
- What are the effects of the sanctions? The sanctions include asset freezes, trade restrictions, a ban on technology transfers, and the termination of trade agreements.
The decision by the NSDC, "On the application of special personal economic and other restrictive measures (sanctions)," was issued on April 18.
The sanctions affect 60 legal entities, including enterprises from Russia and China. The sanctions list includes Chinese companies from the high-tech and aerospace industries: Zhongfu Shenying Carbon Fiber Xining, Rui Jin Machinery, and Beijing Aviation and Aerospace Xianghui Technology.
The sanctions include, among other things, the freezing of assets, restrictions on trade transactions, prevention of capital withdrawal from Ukraine, termination or suspension of licenses and other permits, termination of trade agreements, joint projects, and industrial programs, as well as a ban on the transfer of technology and intellectual property rights.
China's reaction
The Chinese Ministry of Foreign Affairs on Friday rejected as unfounded allegations from President Zelensky, who stated the previous day that China is supplying Russia with ammunition and explosives and is involved in weapons production in Russia. "China has never supplied lethal weapons to any party in the Ukraine conflict," declared Foreign Ministry spokesman Lin Jian during a press briefing, adding that China strictly controls the flow of dual-use goods.
The authorities in Beijing have not publicly condemned Moscow for aggression against Ukraine, and have strengthened economic, military, and political cooperation with Russia in recent years.
