China’s Wuhan Tianyu says inclusion on US sanctions list may impact forex transactions By StuffsEarth

BEIJING (StuffsEarth) – China’s Wuhan Tianyu Information Industry said on Sunday the U.S. including it on a sanctions list was a “unilateral” act that could affect the data security company’s foreign exchange settlements.

The U.S. Treasury Department on Wednesday widened sanctions aimed at curbing Russia’s war production in response to Moscow’s invasion of Ukraine, targeting third-party entities, including dozens of suppliers of electronics in China.

The reason and details of its inclusion on the U.S. “Specially Designated Nationals” list have not been verified, and the company will actively communicate with all parties as soon as possible in the hope of obtaining a “fair and just” solution, Tianyu said in a filing to the Shenzhen Stock Exchange.

© Reuters. FILE PHOTO: The Treasury Department is pictured in Washington, U.S., April 25, 2021. REUTERS/Al Drago/File Photo
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“The trade between (Tianyu) and its overseas customers are normal business transactions, and the company has strictly complied with the relevant laws, regulations and international business practices,” it said.

Tianyu has not set up any subsidiaries or branches in the U.S., nor does it have any assets or conduct any businesses there, the company said, adding it will take “effective” measures to safeguard the interest of relevant parties.

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