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EU proposes sanctions against Chinese firms that aid Russia – Bloomberg

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The European Union has suggested including three Chinese firms that cooperate with Russia into the sanctions list; if adopted, it will be the first case of Chinese firms being sanctioned for their contributions to Russia’s war effort against Ukraine.

Source: Bloomberg

Details: The proposed sanctions package has yet to be approved by all EU countries, some of which had previously opposed the inclusion of Chinese firms into sanctions lists.

If the proposal is adopted, it will be the first time the EU has imposed restrictions on companies in mainland China since Russia invaded Ukraine.

According to a draft of the proposal seen by Bloomberg, the sanctions list also includes companies in Hong Kong, Serbia, India and Türkiye.

The restrictions would ban European firms from trading with the firms included in the list.

“The issue is of critical importance to the EU, which counts Beijing as one of its most important trade partners,” Bloomberg reported.

The three Chinese firms have not been named, but the draft indicates that they are ‘mostly technology and electronics companies’ that have been accused of ‘contributing to Russia’s military and technological enhancement or to the development of Russia’s defence and security sector’.”

Background:

  • On 8 February, Bloomberg reported that the EU proposed new sanctions against 55 companies and over 60 individuals who support Russia’s aggression against Ukraine.

  • TikTok owner ByteDance is facing heavy fines as the European Union prepares to audit it in light of new content moderation rules over concerns about risks to minors.

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