{"id":19932,"date":"2023-04-17T09:32:09","date_gmt":"2023-04-17T09:32:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/china-opposes-recent-us-sanctions-for-chinese-firms-criticizes-long-arm-jurisdiction-policies-economics-bitcoin-news\/"},"modified":"2023-04-17T09:32:09","modified_gmt":"2023-04-17T09:32:09","slug":"china-opposes-recent-us-sanctions-for-chinese-firms-criticizes-long-arm-jurisdiction-policies-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/china-opposes-recent-us-sanctions-for-chinese-firms-criticizes-long-arm-jurisdiction-policies-economics-bitcoin-news\/","title":{"rendered":"China Opposes Recent US Sanctions for Chinese Firms, Criticizes ‘Long-Arm’ Jurisdiction Policies \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The government of China protested the enactment of sanctions on a series of national companies by the U.S., barring them from doing business with U.S.-based entities for allegedly collaborating with Russia. China\u2019s Commerce Ministry criticized the move, saying it is a \u201ctypical form of long-arm jurisdiction,\u201d which damages the rights and interests of these companies.<\/strong><\/p>\n

China Opposes the Enactment of Sanctions on National Companies<\/h2>\n

The government of China has expressed its disagreement with the recent enactment of a series of sanctions against a number of national companies for supposedly collaborating with Russia. The companies, which are mostly in the electronics business, were allegedly used as bridges, purchasing U.S. technology in order to deliver it to Russia, sidestepping the sanctions established by the Office of Foreign Assets Control (OFAC) on Russian entities.<\/p>\n

A statement from China\u2019s Commerce Ministry accused the U.S. of overreaching with this move. The statement rejected these measures, stating<\/a>:<\/p>\n

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It is a typical unilateral sanction and a form of \u2018long-arm jurisdiction\u2019 which seriously damages the legitimate rights and interests of enterprises and affects the security and stability of the global supply chain.<\/p>\n<\/blockquote>\n

Furthermore, China made a call<\/a> to \u201ccorrect this wrongdoing,\u201d saying it will safeguard the rights and interests of Chinese companies.<\/p>\n

This is not the first time that Chinese companies have been hit by sanctions for allegedly cooperating with other countries to evade pre-existing sanctions. In March, a group of Chinese companies was designated<\/a> for collaborating with Iranian companies aiding the Russian war effort.<\/p>\n

Also, another group of Chinese companies was sanctioned for integrating a shadow banking system for Iranian firms.<\/p>\n

China, U.S., and Sanctions<\/h2>\n

The enactment of these sanctions has some experts worried about the effects this might have on the bilateral relationship between the U.S. and China, already affected by the developments on the issue of Taiwan. For Hank Paulson, former Treasury secretary of the U.S., \u201cThe US-China relationship is on the brink,\u201d and the recent policies of the government are not working to appease the situation.<\/p>\n

In a recent interview in Financial Times, Paulson talked about the results of these policies, declaring<\/a>:<\/p>\n

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If America goes too far in curtailing trade and investment with China and we go far beyond what our allies and partners want to do, the result will be to isolate the US.<\/p>\n<\/blockquote>\n

Recently, President Joe Biden also extended<\/a> a series of sanctions against the military and industrial companies in Russia.<\/p>\n

What do you think about the latest sanctions enacted against Chinese companies? Tell us in the comments section below.<\/strong><\/em><\/p>\n

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\nSergio Goschenko <\/h6>\n

\nSergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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