WSJ News Exclusive | Chinese Tech Giants Quietly Retreat From Doing Business With Russia

  • 📰 WSJ
  • ⏱ Reading Time:
  • 57 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 63%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Firms are pulling back under pressure from U.S. sanctions and suppliers, but stay mum in face of warnings from Beijing.

Chinese companies not to comply with foreign sanctions it deems unjustified, though so far Beijing hasn’t issued any such noncompliance orders.

Western sanctions include strict controls that block exports to Russia’s defense sector and the export of products made using U.S. equipment, software or blueprints, even when those products are made by non-U.S. companies. The measures have proven especially effective in the technology sector, whose complex global supply chains offer numerous levers for the U.S. government to pull.Despite the wide-ranging nature of the sanctions, some items have been able to slip through.

If a Chinese PC company were cut off from a key chip supplier, “that would be catastrophic,” said Steve Brazier, chief executive of market research firm Canalys. “You can understand why they might be motivated not to get caught by that.” Although U.S. sanctions contain carve-outs for some consumer electronics devices, they must be sold directly to nongovernmental organizations or consumers for the exports to be permitted, said Kevin Wolf, a former Commerce Department official and a partner in Akin Gump Strauss Hauer & Feld LLP. Most major tech vendors sell their products via third-party distributors and retailers on the ground.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 98. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK property firms Capco, Shaftesbury in talks on reported $4 bln mergerBritish real estate firms Capital & Counties Properties and Shaftesbury Plc said they were in advanced talks on a merger that would bring such London tourist destinations as Covent Garden and Soho under one umbrella.
Source: Reuters - 🏆 2. / 97 Read more »