US tightens export restrictions on Russian, Chinese firms

The United States has taken tough measures against companies from Russia, China, and other countries that use subsidiaries or foreign branches to circumvent restrictions on the export of equipment for chip production and several other goods and technologies.

The blacklist of exporters will be expanded to include subsidiaries and branches that are at least 50% owned by companies already on the list, Caliber.Az reports, citing the US Department of Commerce’s Bureau of Industry and Security (BIS).

According to BIS, these entity lists impose additional export licensing requirements on parties engaged in “activities contrary to U.S. national security or foreign policy interests.”

Commenting on the matter, Jeffrey I. Kessler, Under Secretary of Commerce for Industry and Security, stated: “For too long, loopholes have enabled exports that undermine American national security and foreign policy interests.  Under this Administration, BIS is closing the loopholes and ensuring that export controls work as intended.”

By Khagan Isayev