China imposes sanctions on US-linked S. Korean companies
(MENAFN) China on Tuesday announced sanctions against five US-affiliated South Korean companies, including Hanwha Marine Corporation, in response to Washington’s investigation into China’s maritime, logistics, and shipbuilding sectors, according to official statements.
The Ministry of Commerce stated that the measures would take effect immediately and criticized the US actions, saying they “seriously violate international law and basic norms governing international relations, and severely damage the legitimate rights and interests of Chinese companies.”
Hanwha Marine’s US subsidiaries were accused of collaborating with the US investigation, “endangering China's sovereignty, security, and development interests.”
"China has decided to add five US-related subsidiaries of Hanwha Marine Corporation, namely Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp, to the counter-measures list," the ministry stated.
Chinese organizations and individuals are now barred from carrying out transactions, cooperating, or engaging in other activities with these companies.
Additionally, China’s Transport Ministry has begun examining how the US Section 301 probe affects the nation’s shipping and shipbuilding industries, along with related industrial and supply chains, according to reports.
This development follows Washington’s recent implementation of new port fees on Chinese-built or operated vessels. In a reciprocal move, China announced last week that US ships docking at Chinese ports will also face charges starting Tuesday.
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