US blacklists Chinese CNOOC, S&P removes stock indexes – Times of India

WASHINGTON: The US Department of Commerce Thursday, added the Chinese oil giant CNOOC to his blacklist on what he called “belligerent” actions in the contested South China Sea.
The move was the latest in escalating sanctions against the company that prompted S&P Dow Jones Indices to pull the company on Wednesday night.
It also reflects the outgoing president Donald trumpThe wave of last-minute pressure on Beijing as its days in power draw to a close, after four years of aggressive diplomatic and trade policies against the rival economic powerhouse.
“China’s reckless and bellicose actions in the South China Sea and its aggressive drive to acquire sensitive intellectual property and technologies for its militarization efforts pose a threat to US national security and the security of the international community.” , Trade secretary Wilbur ross said in a statement.
“The CNOOC is acting like a tyrant for the People’s Liberation Army to intimidate China’s neighbors, and the Chinese military continues to benefit from the government’s policies of civil-military fusion for malicious purposes.”
The territorial dispute escalated for years, with Beijing ignoring U.S. protests as it built a series of man-made islands to expand its military and commercial reach in the region which is said to have valuable oil and gas deposits.
China claims almost all of the South China Sea, including the Spratly Islands, though Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim part of it.
“The CNOOC has repeatedly harassed and threatened the exploration and extraction of oil and gas in the South China Sea, with the aim of increasing political risk for interested foreign partners, including Vietnam,” he said. said the Commerce Department.
Commerce’s move follows last week’s announcement by the Treasury Department to add CNOOC to its sanctions list, which seeks to freeze all assets under U.S. jurisdiction and bans U.S. companies – including banks and other companies with branches in the United States – to do business. with them.
S&P Dow Jones Indices said the company will remove CNOOC from its stock list “no later than February 1”.
The trade also tightened restrictions on Chinese tech company Skyrizon, citing ties to the Chinese military that “pose a significant threat to US national security and foreign policy interests,” Ross said.
This means that US companies will need a license to do business with the company.

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