Ukraine sanctions Chinese firms amid tech trade tension
The President of Ukraine, 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 the decree on Friday enacting the decision of the National Security and Defence Council (NSDC) regarding the sanctions.
- Who are the sanctions targeting? They target 59 individuals and 60 legal entities, including Chinese companies from the high-tech and aerospace industries.
- What are the effects of the sanctions? The sanctions include asset freezes, trade restrictions, a ban on technology transfers, and termination of trade agreements.
The NSDC decision on "Applying Special Personal Economic Measures and Other Restrictive Measures (Sanctions)" was issued on April 18.
The sanctions affect 60 legal entities, including enterprises from Russia and China. The sanctioned 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, asset freezes, 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 technology transfers and intellectual property rights.
China's reaction
The Chinese Ministry of Foreign Affairs rejected on Friday as unfounded the accusations by President Zelensky, who stated a day earlier that China is supplying ammunition and explosives to Russia and participating in weapons production in Russia. China has never supplied lethal weapons to any party in the conflict in Ukraine and strictly controls the flow of dual-use goods, declared Foreign Ministry spokesperson Lin Jian during a press briefing.
The authorities in Beijing have not publicly condemned Moscow for its aggression in Ukraine, and in recent years have enhanced economic, military, and political cooperation with Russia.
