China Slaps Sanctions on Five South Korean Firms Tied to U.S.
(MENAFN) China on Tuesday slapped sanctions on five South Korean companies tied to the US, including Hanwha Marine Corporation, in retaliation for Washington’s ongoing investigation into China’s maritime, logistics, and shipbuilding industries, according to an official statement.
The Ministry of Commerce of China declared the sanctions, confirming that the new restrictions are effective immediately.
The ministry condemned the US probe, saying it “seriously violate[s] international law and basic norms governing international relations, and severely damage[s] the legitimate rights and interests of Chinese companies.”
Specifically, Hanwha Marine’s US subsidiaries were accused of collaborating with the US government’s inquiry, “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 statement added.
The ministry also barred Chinese entities and individuals from engaging in transactions, cooperation, or any form of business with these targeted firms.
In parallel, China’s Transport Ministry has launched an investigation into the impact of the US Section 301 probe on the security and development interests of China’s shipping and shipbuilding sectors, as well as the associated industrial and supply chains, a state news agency reported.
This latest development follows Washington’s introduction of new port fees on Chinese-built or operated vessels.
Last week, China retaliated by announcing it would impose charges on US ships docking at Chinese ports starting Tuesday, matching the US fees imposed on Chinese ships entering American ports.
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