The United States (US) is considering imposing sanctions on Chinese companies suspected of helping Russia in its war in Ukraine, members of Congress told CNBC.
US Looking to Sanction Chinese Companies Supporting Russia
According to CNBC, Democratic Senator Gerald Connolly, a US House Committee on Foreign Relations member, said on Saturday that lawmakers were actively discussing such measures following the European Union's (EU) recent proposals for similar actions.
These potential provisions would represent the first direct punitive measures against China, despite long-standing Western suspicions regarding its support for Russia's military endeavors.
China Has a Lot More to Lose Than Russia
Connolly emphasized the potential impact of such sanctions on China.
"China has to understand that the same kinds of sanctions, which are beginning to really take hold in Russia and are affecting Russian productivity, economic performance, and quality of life, can also be applied to China," Connolly told CNBC's Silvia Amaro at the Munich Security Conference.
The senator added that China has "a lot more to lose than Russia," considering its already sluggish recovery from the COVID-19 pandemic and internal economic challenges. He said that such penalties could come "very soon."
Democratic Senator Ben Cardin noted that Congress is already collaborating with the Biden administration to impose sanctions on China that mirror those proposed by the EU, which could be ready by the end of the month to mark the war's second anniversary.
Last week, the EU was gearing up to impose sanctions on Chinese entities believed to be helping Russia evade Western penalties aimed at subduing its war in Ukraine.
These plans have gained renewed urgency following the recent death of Russian opposition leader Alexei Navalny. It also comes amid reports suggesting China's role in bolstering Russia's military capabilities and economy by helping circumvent Western restrictions.
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