China Imposes Sanctions on US-Linked South Korean Firms
(MENAFN) China has enacted sanctions targeting five South Korean companies with ties to the United States, including Hanwha Marine Corporation.
This move comes as a reaction to Washington’s ongoing investigation into China’s maritime, logistics, and shipbuilding sectors, as outlined in an official government announcement.
The decision, unveiled by China’s Ministry of Commerce, will be enforced starting Tuesday.
In its statement, the ministry criticized the US investigation, claiming it “seriously violate[s] international law and basic norms governing international relations, and severely damage[s] the legitimate rights and interests of Chinese companies.”
The Chinese authorities accused US affiliates of Hanwha Marine of collaborating with the US-led inquiry, saying this cooperation was “endangering China's sovereignty, security, and development interests.”
As a result, the ministry declared that five subsidiaries connected to Hanwha Marine Corporation—Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp—would be included on a countermeasure list.
These companies are now subject to restrictions, with Chinese institutions and citizens barred from doing business with or supporting them in any way.
Additionally, China’s Ministry of Transport has begun its own investigation into how the US Section 301 probe is impacting its national security and economic development within the shipping, shipbuilding, and related supply chains.
This was reported by a state-controlled news agency.
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