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China Retaliates Against US Sanctions, Issues Prohibition Order Blocking Measures on Five Firms
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A spokesperson for the Ministry of Commerce of China stated regarding the move to block US sanctions related to Iranian oil imposed on five Chinese enterprises that, in order to safeguard national sovereignty, security and development interests, and to protect the legitimate rights and interests of Chinese citizens, legal persons and other organizations, a prohibition order has been issued pursuant to the "Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Other Measures" and based on the assessment results of the relevant working mechanism. The order stipulates that US sanctions against the five Chinese enterprises shall not be recognized, enforced or complied with. The prohibition order takes effect from the date of promulgation. The spokesperson added that the issuance of the prohibition order does not affect Chinas undertaking and fulfillment of international obligations, nor does it affect the lawful protection of the legitimate rights and interests of foreign-invested enterprises. The Ministry of Commerce will continue to closely monitor the unjustified extraterritorial application of foreign laws and measures. Where circumstances specified under the "Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Other Measures" arise, relevant work will be carried out in accordance with the law. Since last year, under executive orders sanctioning other countries, the US has placed several Chinese enterprises on the Specially Designated Nationals (SDN) List on the grounds of involvement in Iranian oil transactions, including Hengli Petrochemical (Dalian) Refining, Shandong Shouguang Luqing Petrochemical, Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group and Shandong Shengxing Chemical. Measures imposed include asset freezes and transaction bans, improperly prohibiting or restricting normal economic, trade and related activities between Chinese enterprises and third countries (regions) as well as their citizens, legal persons or other organizations, in violation of international law and the basic norms governing international relations. (ta/w) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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