The United States has imposed sanctions on several Chinese companies and individuals for their involvement in human rights abuses and illegal fishing activities. Among the companies targeted is Pingtan Marine Enterprises, Ltd., which is listed on the Nasdaq exchange. The U.S. Treasury Department has also sanctioned Chinese nationals Li Zhenyu and Xinrong Zhuo, as well as ten entities under their control, including Dalian Ocean Fishing Co., Ltd.
In addition to the sanctions on companies and individuals, the U.S. Treasury Department has also targeted 157 China-flagged fishing vessels that are linked to the sanctioned entities. These vessels are believed to be involved in illegal fishing activities.
The U.S. Treasury Department has condemned the practices of those who have been sanctioned, stating that they often involve the abuse of human rights and undermine fundamental labor and environmental standards. Brian Nelson, the Treasury's Under Secretary for Terrorism and Financial Intelligence, emphasized the negative impact of these practices on the economic prospects of local populations in the Indo-Pacific region.
This is the first time that the U.S. has imposed sanctions on an entity listed on the Nasdaq stock exchange, marking a significant development in the country's efforts to address human rights abuses and illegal fishing. The Treasury has also issued general licenses that allow U.S. persons to engage in certain transactions related to the wind down of financial contracts and other agreements related to Pingtan Marine Enterprises, Ltd. These licenses will be valid until March 9.