The Chinese government announced the introduction of sanctions against five American subsidiaries of the South Korean Hanwha Ocean. This company is one of the largest shipbuilding corporations in the world and ranks second in the global ranking. This is discussed on the website of the Ministry of Commerce of the People’s Republic of China.
Beijing has launched an investigation into US protectionist maritime transport measures to assess their possible negative impact on China’s shipbuilding and shipping industry. One of the tasks of this investigation is to identify the companies and individuals who contributed to the adoption of discriminatory decisions by Washington. As noted in the Chinese Ministry of Commerce, the sanctions against Hanwha Ocean’s American subsidiaries are related to their alleged involvement in actions directed against China.
“The American branches of Hanwha Marine & Offshore Corporations have been involved in a US government investigation that threatens China’s sovereignty and interests. In this regard, the Chinese authorities have decided to include five subsidiaries in the list of untrustworthy organizations and apply appropriate countermeasures against them, the Ministry of Commerce of China said in a statement.
The sanctions list includes Hanwha Shipping, Hanwha Philly Shipyard, Hanwha Ocean USA International, Hanwha Shipping Holdings and HS USA Holdings Corp. From now on, Chinese legal entities and individuals are prohibited from conducting any cooperation or other forms of interaction with these Hanwha units.
