U.S. sanctions people, companies and boats over China-based illegal fishing

The United States on Friday imposed sanctions on people and companies, including Nasdaq-listed Pingtan Marine Enterprise, over what Washington says are human rights abuses linked to China-based illegal distant water fishing.

The United States on Friday imposed sanctions on people and companies, including Nasdaq-listed Pingtan Marine Enterprise, over what Washington says are human rights abuses linked to China-based illegal distant water fishing. The U.S. Treasury Department said the measures hit Li Zhenyu and Zhuo Xinrong, both Chinese nationals, and 10 entities linked to the two, including Dalian Ocean Fishing Co. and Pingtan Marine Enterprise (PME).

PME and its founder, Zhuo, Dalian Ocean Fishing and China's embassy in Washington did not immediately respond to requests for comment. The designation of PME marks the first time the U.S. has imposed sanctions on an entity listed on the NASDAQ stock exchange.

Washington also targeted 157 China-flagged fishing vessels linked to the sanctioned entities, it said. U.S. President Joe Biden in June signed a national security memorandum to fight illegal fishing, part of pledged efforts to help countries combat alleged violations by fishing fleets, including those of China, which has the world's largest deep water fishing fleet.

Countries around the world chafe at China's fishing practices, arguing its vessels often violate their 200-nautical-mile exclusive economic zones (EEZ) and cause environmental damage and economic losses. China says it is a responsible fishing country that has been cooperating internationally to clamp down on illegal fishing, and that it fishes in relevant EEZs according to bilateral agreements.

"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. “These designations demonstrate how seriously we take the problem of illicit fishing and our commitment to holding the perpetrators of serious human rights abuses to account.”

Friday's move freezes any U.S. assets of those designated and generally bars Americans from dealing with them. The Treasury issued a general license authorizing U.S. persons to engage in certain transactions related to debt or equity of PME until March 9.

A senior Treasury official said Washington on Friday would issue a second set of sanctions targeting people and entities across the globe over corrupt activity and serious human rights abuses. The will include nearly 50 targets and spans about nine countries, the official said.

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