403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
China Defies US Sanctions on Five Companies
(MENAFN) China's Commerce Ministry (MOFCOM) issued a sweeping prohibition order on Saturday, directing all relevant parties to disregard and refuse compliance with US sanctions imposed on five Chinese companies — marking the first time Beijing has ever invoked its blocking statute in direct confrontation with Washington.
The ministry stated that the directive, which took effect immediately, was designed to defend national sovereignty, security, and development interests, while shielding the legal rights of Chinese entities and citizens from what it characterized as unlawful foreign interference.
The US had placed the five firms on its Specially Designated Nationals (SDN) list over their alleged participation in Iranian petroleum transactions — a designation that freezes assets and prohibits any business dealings with the named entities. Among those sanctioned were Hengli Petrochemical (Dalian) Refining Co and Shandong Shouguang Luqing Petrochemical Co.
MOFCOM grounded its retaliatory order in a combination of China's national security legislation, anti-foreign sanctions laws, and its 2021 Blocking Rules — concluding through a formal review process that the American measures constituted an improper extraterritorial overreach.
The significance of Saturday's move cannot be overstated. It represents the inaugural activation of MOFCOM's blocking statute — a legal instrument that has existed on the books since 2021 but had never previously been deployed against foreign sanctions.
The US Treasury had sanctioned Hengli Petrochemical (Dalian) Refining Co in April over allegations that the company purchased billions of dollars' worth of Iranian crude oil in violation of existing restrictions. The Trump administration had previously extended sanctions to the remaining four refineries as part of a broader campaign to choke off Tehran's petroleum revenues.
The ministry stated that the directive, which took effect immediately, was designed to defend national sovereignty, security, and development interests, while shielding the legal rights of Chinese entities and citizens from what it characterized as unlawful foreign interference.
The US had placed the five firms on its Specially Designated Nationals (SDN) list over their alleged participation in Iranian petroleum transactions — a designation that freezes assets and prohibits any business dealings with the named entities. Among those sanctioned were Hengli Petrochemical (Dalian) Refining Co and Shandong Shouguang Luqing Petrochemical Co.
MOFCOM grounded its retaliatory order in a combination of China's national security legislation, anti-foreign sanctions laws, and its 2021 Blocking Rules — concluding through a formal review process that the American measures constituted an improper extraterritorial overreach.
The significance of Saturday's move cannot be overstated. It represents the inaugural activation of MOFCOM's blocking statute — a legal instrument that has existed on the books since 2021 but had never previously been deployed against foreign sanctions.
The US Treasury had sanctioned Hengli Petrochemical (Dalian) Refining Co in April over allegations that the company purchased billions of dollars' worth of Iranian crude oil in violation of existing restrictions. The Trump administration had previously extended sanctions to the remaining four refineries as part of a broader campaign to choke off Tehran's petroleum revenues.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment