China’s new anti-foreign sanctions law is causing a chill in the business community

Beijing passed a new law designed to counter U.S. and EU sanctions on Chinese officials and major Chinese companies.

Those involved in designing or implementing the sanctions could find themselves or their family members denied visas to China. Their property in China may be seized, and any commercial transaction they attempt with a Chinese institution can be blocked.

Beijing passed the law on Thursday to counter the sanctions imposed by the United States and the European Union over the last three years. The law was passed in response to the U.N. sanctions imposed against Chinese officials, companies, and officials in the EU and China.

It’s unclear whether the law will apply to organizations with a foot in both China and the EU.

Reuters

Explainer: An eye for an eye? China’s new anti-foreign sanctions law

China passed a wide-ranging law to counter foreign sanctions on Thursday, in an apparent move to legalise its tit-for-tat retaliation against punitive actions taken by foreign countries over issues from human rights to Hong Kong.

the Guardian

China rushes through law to counter US and EU sanctions

Foreigners could be placed on an anti-sanctions list and denied entry into China or expelled from the country

China’s New Anti-Foreign Sanctions Law Sends A Chill Through The Business Community

It’s not clear how often or how broadly Beijing will use the law. But by complying with U.S. sanctions on China, businesses could face tough sanctions in China as a penalty for doing so.