The NPC passed China’s new blocking statute, the Anti-Foreign Sanctions Law 中华人民共和国反外国制裁法 on June 10, 2021. The Law provides support for the delegation of power to enable lower-level agencies to implement sanctions measures. As the Law is vaguely worded, State Council agencies are likely to have considerable discretion in implementing it. Of particular concern to multinational companies, the Law also covers spouses and immediate family members as well as officers of listed sanctioned entities.
Xinhua reported on June 7 that the Standing Committee of China’s National People’s Congress will conduct its second reading of a proposed statute, “Law on Opposing Foreign Sanctions” ( 反外国制裁法草案), from June […]