China reveals new details of Raytheon, Lockheed sanctions
- Beijing said it is banning China exports and imports by the two US weapons manufacturers
- Sanctions also prohibit senior executives from travelling to China or working there; move comes because firms supply weapons to Taiwan
China revealed new details of sanctions it previously announced against two US weapons manufacturers on Tuesday, including a ban on Chinese companies doing business with them.
China imposed trade and investment sanctions in February on Lockheed Martin and Raytheon Technologies Corp’s Raytheon Missiles & Defense for supplying weapons to Taiwan, the self-governed island claimed by China.
China’s Ministry of Commerce said in a statement late on Tuesday that the sanctions include a ban on exports and imports by the two companies from and to China “to prevent Chinese products from being used in their military business”.
It added that Chinese companies should “strengthen their due diligence and compliance system construction to verify transaction information” and should not knowingly conduct business with the two companies while importing, exporting or transporting products.
It was not clear what immediate impact the penalties might have, but the restrictions on imports and exports could hurt the two firms.
