US restricts trade with 42 Chinese entities over support for Russia's military
Reuters
Published Oct 06, 2023 11:33AM ET
Updated Oct 07, 2023 01:35AM ET
WASHINGTON (Reuters) -The U.S. Commerce Department on Friday added 42 Chinese companies to a government export control list over their support for Moscow's military and defense industrial base - support that includes the supply of U.S.-origin integrated circuits.
Another seven entities from Finland, Germany, India, Turkey, United Arab Emirates and the United Kingdom were also added to the trade export control list.
The circuits include microelectronics that Russia uses for precision guidance systems in missiles and drones launched against civilian targets in Ukraine, the Commerce Department said in a statement.
"Today’s additions to the Entity List provide a clear message: if you supply the Russian defense sector with U.S.-origin technology, we will find out, and we will take action," Assistant Secretary for Export Enforcement Matthew Axelrod said in the statement.
China called the U.S. action "economic coercion and unilateral bullying".
"The United States should immediately correct its wrong practices and stop its unreasonable suppression of Chinese companies," China's Ministry of Commerce said in a statement.
It has been 20 months since Russian invaded Ukraine. A Russian missile strike in a village in northeastern Ukraine on Thursday killed at least 52 people in one of the most deadly attacks yet.
Companies are added the U.S. Entity List when Washington deems them a threat to U.S. national security or foreign policy. Suppliers must then be granted generally hard-to-get licenses before shipping goods to entities on the list.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.