U.S. and EU Issue Stark Warning to Chinese Firms: Choose Your Business Partners Wisely

Deputy U.S. Treasury Secretary Wally Adeyemo stressed the need for a definitive message to China, urging its firms to decide between partnerships with U.S. and EU economies or aiding Russia. This follows Biden’s executive order targeting financial institutions aiding Moscow in evading Western sanctions.

Deputy U.S. Treasury Secretary Wally Adeyemo on Friday said Washington and the European Union must deliver a message to China that its firms face a choice between doing business with U.S. and EU economies or equipping Russia with dual-use goods.

The warning to Chinese firms comes as President Joe Biden's administration has stepped up messaging about China's support for Russia and issued an executive order in December that threatened sanctions on financial institutions helping Moscow skirt Western sanctions.