USA Introduces New Restrictions for Export to China, Russia and Venezuela
OREANDA-NEWS. The United States authorities announced new restrictions on the export of equipment to China to prevent its use for the production of semiconductors and other technologies used for military purposes.
Under the new rules, American companies will need to obtain a license to sell certain goods to Chinese enterprises which are associated with the military, even if these products are intended for use in the civilian industry. Exceptions to the rules that allowed US firms to export goods to Chinese civilian companies without a license will end. Restrictions also apply to trade with Russia and Venezuela.
“It is important to consider the ramifications of doing business with countries that have histories of diverting goods purchased from US companies for military applications,” US Secretary of Commerce Wilbur Ross explained.