US Blacklists More Chinese Companies Including Xiaomi

The US Government has blacklisted nine more Chinese companies including smartphone maker Xiaomi, China’s third-largest national oil company, CNOOC, and state owned plane manufacturer Comac. The US alleges these companies to have ties with Chinese military.

Xiaomi passed Apple as the world’s third largest smartphone maker by sales in the third quarter of 2020. Xiaomi’s market share has grown last year after Huawei was blacklisted by the US and its smartphones were barred from having Google services.

Commerce Department also put CNOOC on the list. The decision forbids US firms from exporting or transferring technology with the companies named. In December last year, 60 Chinese companies were added to the blacklist.

CNOOC has been conducting offshore drilling activities in South China Sea, where Beijing has territorial conflict with other Southeast Asian states.

Chinese state-owned company Skyrizon, another one on the blacklist, “acquires and indigenizes foreign military technologies.” according to US Commerce Department. The aviation company drew criticism from the US for its attempt to acquire an Ukrainian military engine maker back in 2017. US Government feared that Skyrizon would use aerospace technology for military purposes.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Get your daily Business Brief

Subscribe free to Business Brief

Business Brief delivers the latest insights straight to your inbox

You'll get daily industry insights on

Energy, Cleantech, Oil & Gas, Mining, Defense, Aviation, Construction, Transportation, Online Retail, Bigtech, Finance and Politics of Business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Netherlands Leaves Energy Charter Treaty Despite EU’s Modernization Efforts

Dutch Ministry of Economic Affairs and Climate Policy said it is pulling out of the Energy Charter Treaty (ECT), following Spain’s announcement last week. The treaty has been criticized for protecting oil and gas industry interests. The treaty has been in force since 1998, and has more than 50 signatories, including the European Union. It allows investors to sue governments that jeopardize their investments. However, in recent years it has been increasingly used by fossil fuel and renewable energy companies to challenge regulatory changes. 

Equinor, Gazprom Profit From High Gas Prices Thanks to Short Term Contracts

Europe’s two biggest suppliers of natural gas, Norway and Russia will benefit from the record prices. The volatility will be profitable for the two suppliers as Europe shifted away from long term contracts years ago. The EU liberalized its gas market two decades ago, forcing its suppliers for shorter term, flexible contracts.

China Imported Record Amount of Palladium from Russia in June

Chinese imports of palladium from Russia reached a record high in June. Russia, which is the world’s biggest producer of palladium, is redirecting its shipments as many of its traditional customers have become hesitant to buy its precious metal following its invasion of Ukraine and the subsequent Western sanctions. 

error: This content is protected !!