MercoPress. South Atlantic News Agency

US sanctions Chinese companies and owners for human rights abuses and illegal fishing

“Treasury condemns the practices of those sanctioned, which often involve the abuse of human rights, undermine fundamental labor and environmental standards.”

United States imposed sanctions on Chinese companies, including Nasdaq-listed Pingtan Marine Enterprises, Ltd., over what Washington says are human rights abuses linked to Beijing's illegal fishing.

The U.S. Treasury Department imposed sanctions on Li Zhenyu and Xinrong Zhuo, both Chinese nationals, and ten entities they control, including Dalian Ocean Fishing Co., Ltd. and Pingtan Marine Enterprise, Ltd. (PME), the U.S. Office of Foreign Assets Control (OFAC) said in a statement.

It also targeted 157 China-flagged fishing vessels linked to those entities, it said.

“Treasury condemns the practices of those sanctioned today, which often involve the abuse of human rights, undermine fundamental labor and environmental standards, and harm the economic prospects of local populations in the Indo-Pacific,” the Treasury’s Under Secretary for Terrorism and Financial Intelligence, Brian Nelson, said in the statement.

The designation of PME marks the first time the U.S. has imposed sanctions on an entity listed on the NASDAQ stock exchange.

The Treasury also issued general licenses allowing U.S. persons to engage in certain transactions related to the wind down of financial contracts and other agreements related to PME or the divestment or transfer of debt or equity of PME until March 9.