Treasury Secretary Janet Yellen warned Chinese companies about potential repercussions for aiding Russia in its war against Ukraine.
During a video conference with Chinese Vice Premier He Lifeng, Secretary Yellen emphasized that Chinese firms providing material support to Russia’s military efforts would face severe consequences. This follows previous warnings from the US government concerning China’s alleged provision of dual-use technology to Russia.
The US has repeatedly accused China of supplying Russia with technology that could enhance its military capabilities, a claim that China denies.
The meeting, described by the US Treasury as part of ongoing efforts to manage US-China economic relations, also addressed China’s economic policies and alleged cyber activity.
Yellen reiterated the substantial risks Chinese companies face if they support Russia’s war effort.
This warning echoes a similar one issued in April, following accusations by US Secretary of State Antony Blinken that China continues to supply Russia’s defense industry.
The Treasury Department’s statement also highlighted concerns about China’s “non-market policies” and alleged malicious cyber activities. China’s statement in response mentioned concerns about US economic and trade restrictions, characterizing the meeting as “candid, in-depth and constructive,” but didn’t address the accusations of military support for Russia.
The US has levied sanctions against Chinese entities and individuals believed to have violated international sanctions by supplying Russia with dual-use goods, such as semiconductors and drone components.
China maintains its denial of providing Russia with dual-use technology for military applications, asserting that it does not arm any participant in the conflict and strictly regulates the export of such items.
China recently introduced stricter export controls on dual-use goods, effective December 1, 2024, aiming to enhance transparency and standardization in the export of items with both civilian and military applications.