China Slams US For Including Chinese Firms In Export Control List: 'Undermines The International Trade Order And Rules'

The United States faced backlash from China for adding several Chinese entities to its export control list of 105 firms. This move is seen as an attempt to restrict Russia’s access to advanced U.S. technology.

What Happened: China has expressed strong opposition to the U.S.’s decision to include multiple Chinese entities in its export control list. This action is viewed as a strategy to further limit Russia’s access to advanced U.S. technology necessary for its weaponry, CNBC reported on Monday.

A spokesperson from China’s Ministry of Commerce, in a statement published on Xinhua, labeled the move as “a typical act of unilateral sanctions and long-arm jurisdiction.” The spokesperson further stated that the act “undermines the international trade order and rules” and disrupts the “security and stability of global industrial and supply chains.”

The U.S. announced on Friday that it is tightening export controls to “further restrict the supply of both U.S.-origin and ‘U.S. branded’ items to Russia and Belarus for the Kremlin’s illegal war on Ukraine.” The list now includes 123 entities, with 42 in China, 63 from Russia, and 14 in Türkiye, Iran, and Cyprus.

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Alan Estevez, Undersecretary of Commerce for Industry and Security, stated, “We will continue our multilateral approach to attack this problem from all sides and use every tool in our arsenal to prevent Russia from gaining access to the advanced U.S. technology needed for its weapons.”

The U.S. also targeted shell companies by adding four “high-diversion risk addresses” in Hong Kong and Turkey to the Entity List. Transactions conducted using these addresses will now require a license.

Why It Matters: This move by the U.S. is the latest among several attempts to curb Russia’s access to advanced technology. The Biden administration expanded sanctions in June on semiconductor sales to Russia, targeting Chinese third-party sellers.

In August, Russia and China planned to initiate barter trading systems to avoid U.S. banking surveillance.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari