EU to propose temporary exemption on China chips from 20th sanctions package, Bloomberg News reports

The European ​Union will ​propose temporarily lifting sanctions ‌on a ​Chinese semiconductor supplier as early as this week, ‌Bloomberg News reported on Thursday, citing people familiar with the matter.

The European ​Union will ​propose temporarily lifting sanctions ‌on a ​Chinese semiconductor supplier as early as this week, ‌Bloomberg News reported on Thursday, citing people familiar with the matter. Last month, the European ‌Union formally approved some new sanctions against ‌Russia that also included certain Chinese entities, a move which China's commerce ministry expressed firm opposition ⁠to.

Bloomberg ​said ⁠that the Chinese semiconductor firm was one of the ⁠entities included in the list. European automakers had ​lobbied the EU to delay the ⁠ban on the Chinese firm, saying that they ⁠haven't ​had time to diversify their supply chains and that the measures would ⁠cause stocks to be depleted in weeks, the ⁠report ⁠said.

Reuters could not immediately verify the report.