US issues rules for Chinese military-industrial complex sanctions: Treasury Department
Feb 15, 2022
Washington [US], February 15 : The United States Treasury Department published on Tuesday rules regarding sanctions on China's military-industrial complex, a move that is set to evoke a reaction from Beijing.
"The Department of the Treasury's Office of Foreign Assets Control (OFAC) is adding regulations to implement a November 12, 2020 Executive order related to securities investments that finance Communist Chinese military companies, as amended by a June 3, 2021 Executive order related to the Chinese military-industrial complex and Chinese surveillance technology," the Treasury Department release said in a release.
"These regulations are currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on Wednesday, February 16, 2022," it added.
The Treasury Department said that it intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive guidance and definitions, general licenses, and other regulatory provisions.
This comes as Biden Administration continued to use sanctions and other trade tools to target Chinese companies, citing national security and human rights violations.
Scores of Chinese companies have been added to various US trade blacklists with far-reaching impacts.
