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Last week, the United States added more than a dozen Chinese companies to the list, created by the Defense Department to highlight firms it alleges are working with Beijing's military.
On June 3, 2021, President Biden issued a new executive order (E.O.), “Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of...
On December 28, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“ FAQs”) that clarify the scope of Executive Order (“ E.O.”) 13959, the basis for OFAC’s new Chinese Military Companies sanctions program. These FAQs define key terms and clarify how OFAC will interpret E.O. 13959’s prohibition against U.S. investment in the securities of Communist Chinese Military Companies (“ CCMCs”), which goes into effect on January 11, 2021. In general, like previous sanctions programs, the new FAQs show that OFAC will read commonly used terms much more broadly than t...
Trump Administration Tightens Ban on Investment in Chinese Military Companies WASHINGTON—The Treasury Department on Dec. 28 released guidance for investors about the president’s new executive order that bans investment in companies with ties to the Chinese military. The guidelines clarify that the ban will include subsidiaries of all Chinese firms in the Pentagon’s blacklist, handing a clear win to national security advocates. The notice came after a conflict reportedly broke out within the administration over how to implement the new order. The Pentagon and the State Department, accord...
To embed, copy and paste the code into your website or blog: One of the widest-ranging bills of the U.S. Congress’s legislative year, the National Defense Authorization Act for Fiscal Year 2021 ( NDAA), is nearing the finish line as both the House and Senate overwhelmingly approved the bill last week. Now the NDAA is on its way to President Trump’s desk for his signature (or potential veto—more on that below). As with most NDAAs in recent years, Congress has included a host of sanctions and similar measures, with this year’s bill targeting Turkey’s purchase of a Russian air defense ...