US Lawmakers Introduce Bipartisan Bill to Sanction Chinese Firms Aiding Russia

US lawmakers on Wednesday introduced a new bill aimed at imposing sanctions on any Chinese military firms that provide material support to Russia. 

The “No Limits Act,” introduced by Republican Representative Mike Gallagher (WI) and sponsored by Representatives Jared Golden (D-ME), John Moolenaar (R-MI), and Jimmy Panetta (D-CA), would give Chinese military firms identified by the US government 180 days to withdraw from the Russian market or face full blocking sanctions.

The bill comes amid growing concern in Washington over the volume of Chinese military-related goods flowing into Russia, which the State Department says is helping prop up Moscow’s economy and arming Russian forces in Ukraine.

“Any company aiding and abetting the horrors in Ukraine – as the Chinese defense industrial complex has done — deserves to experience the full force of American sanctions,” said Gallagher, the outgoing chairman of the House Select Committee on the Chinese Communist Party.

The legislation would also grant the US president broader authority to sanction Chinese firms involved in military modernization efforts, going beyond the current focus on human rights violations. It would also direct the Department of Defense to identify export-controlled technologies most at risk of diversion through the PRC and impose a new, stronger, country-wide control on the technology. It would mandate the Commerce Department to deny an export license.

Incoming committee chairman Moolenaar said the bill would “increase sanctions on military firms in China that partner with Russia” and make it more difficult for the two authoritarian powers to work together against American interests.

Golden emphasized that the bill is designed to ensure consequences for China enabling Russia’s “dangerous behavior” in Ukraine.

The bill is one of the many introduced related to or targeting China in recent years. While few make it to the final phase and become law, skepticism toward China and its actions on the global stage is one of the few issues that the two parties appear to agree on.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why the Market May Be Misreading Iran | David Woo

Why US Fertilizer Supply Could Matter a Lot More Now | Pat Varas – Sage Potash

Roscan Gold: Mali Discount Hits Kandiole PEA

Recommended

Canadian Gold Drills 19.5 g/t Gold Over 1.0 Metre At Lac Arsenault

Canadian Copper Secures Key Approval for Caribou Complex Acquisition

Related News

Algeria Expresses Interest in Joining BRICS Group

Algeria, Africa’s largest exporter of natural gas, has become the latest country interested in joining...

Thursday, August 4, 2022, 02:19:00 PM

Ex-Google CEO Is Building AI-Powered Attack Drones

Former Google CEO Eric Schmidt is making the shift to artificial intelligence — by funding...

Friday, January 26, 2024, 12:09:00 PM

Ray Dalio: Surging US Debt Makes Chinese Bonds More Attractive to Investors

Over the past decade, US debt levels have been on an alarming trajectory, which has...

Tuesday, March 23, 2021, 10:36:00 AM

Germany to Borrow $12.6 Billion to Subsidize Consumer Power Bills

Germany is running into a financial crunch. Not only is Poland demanding $1.3 trillion in...

Wednesday, October 5, 2022, 02:17:08 PM

The US Sanctions Putin’s Daughters, Now What?

Details about Russian President Vladimir Putin’s personal life have always been very scant. It’s how...

Thursday, April 7, 2022, 05:37:00 PM