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US sanctions on Chinese company Wuhan Tianyu may affect the company’s foreign exchange settlement

China Wuhan Tianyu Information Industry Co., Ltd. said that the United States’ inclusion of it in the sanctions list was a “unilateral” act, which may affect the foreign exchange settlement of the data security company.

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According to British media reports, in response to Moscow’s invasion of Ukraine, the US Treasury Department expanded sanctions aimed at curbing Russia’s war production on the 12th to hit third-party entities including more than a dozen Chinese electronics suppliers.

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Wuhan Tianyu said in a document submitted to the Shenzhen Stock Exchange on the 16th that the reasons and details of its inclusion in the US “Specially Designated Nationals” list have not been verified, and the company will actively and as soon as possible communicate with all parties in the hope of obtaining a “fair and just” solution.

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Wuhan Tianyu said: “The trade between (Tianyu) and its overseas customers is a normal business transaction, and the company strictly abides by relevant laws, regulations and international business practices.

Wuhan Tianyu said that Tianyu has not established any subsidiaries or branches in the United States, nor has any assets or engaged in any business activities in the United States, and the company will take “effective” measures to protect the interests of relevant parties.

Last Wednesday, the United States significantly expanded the scope of sanctions against Russia, targeting more than 300 individuals and entities in Russia, China, Hong Kong, Turkey, the United Arab Emirates, etc. The next day, the Chinese Foreign Ministry criticized the United States for waving the “sanctions stick” recklessly, saying that it not only did not help solve the problem, but instead became a major source of risk in the world.

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