China has announced new implementing regulations for the law on countering foreign sanctions, the government daily Renmin Ribao reported on Tuesday. Beijing has gained broader powers to freeze and confiscate assets in retaliatory measures.
The new regulations came into force on Monday when they were signed by Premier Li Qiang.
The Foreign Sanctions Countermeasures Act was passed in 2021 and allows China to take retaliatory measures against individuals and entities that participate in creating or implementing discriminatory measures against Chinese citizens or institutions.
Under the implementing regulations, Chinese authorities will be able to freeze or confiscate a range of assets, including cash, securities, fund shares, intellectual property rights and debts of individuals placed on Beijing's so-called anti-sanctions list.
The definition of “transactional and cooperative activities” that can be prohibited or restricted has also been expanded. Foreign individuals and entities may be prohibited from operating in sectors such as education, legal services, science and technology, economy and trade, culture and tourism, environmental protection and sports.
The new rules also provide penalties for entities that fail to comply with sanctions imposed by China. These could include bans on participating in government procurement, restrictions on foreign trade, bans on transferring data abroad and restrictions on travel to China.
Foreign media point out that the new regulations are a response to growing pressure from the West, especially the United States, which has imposed numerous sanctions on Chinese companies and government officials.
From Beijing Krzysztof Pawliszak (PAP)
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