Foreign Sanctions

On June 10, 2021, China’s National People’s Congress Standing Committee passed the Anti-Foreign Sanction Law which comes into effective immediately. Similar to the EU’s “Blocking Statute”, the Law created a legal framework that will block the impact of the foreign sanctions on Chinese persons, prohibited relevant persons from following specific foreign sanctions, authorized the Chinese government authorities to launch retaliations and allowed relevant Chinese persons subject to the foreign sanctions to claim damages.