US imposes second new sanctions against China this week
2022.12.09 09:44
US imposes second new sanctions against China this week
Budrigannews.com – People and businesses, including Nasdaq-listed Pingtan Marine Enterprises, Ltd., have been subjected to sanctions by the United States on Friday for allegedly violating human rights in connection with illegal distant water fishing from China.
According to a statement released by the U.S. Office of Foreign Assets Control (OFAC), sanctions were imposed by the Treasury Department on Li Zhenyu and Xinrong Zhuo, both of whom are citizens of China, as well as ten companies that they control, including Dalian Ocean Fishing Co., Ltd. and Pingtan Marine Enterprise, Ltd. (PME).
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It claimed that it also targeted 157 fishing vessels under China’s flag that were linked to those organizations.
In the statement, Treasury’s Under Secretary for Terrorism and Financial Intelligence Brian Nelson said, “Treasury condemns the practices of those sanctioned today, which frequently involve the abuse of human rights, undermine fundamental labor and environmental standards, and harm the economic prospects of local populations in the Indo-Pacific.”
The United States has not previously imposed sanctions on a company that is listed on the NASDAQ stock exchange with the designation of PME.
Up until March 9, U.S. individuals were also granted general licenses by the Treasury that permitted them to engage in certain PME-related transactions, including the divestment or transfer of PME debt or equity.
