China’s Wuhan Tianyu says inclusion on US sanctions list may impact forex transactions

China’s Wuhan Tianyu Information Industry has criticized its inclusion on the U.S. sanctions list, calling it a “unilateral” act that could impact the company’s foreign exchange settlements. The U.S. Treasury Department expanded its sanctions in response to Russia’s invasion of Ukraine, targeting third-party entities, including Chinese electronics suppliers. The details and reasons behind Tianyu’s inclusion on the list are yet to be confirmed, and the company stated that it will actively engage in communication with all parties to seek a fair solution. Tianyu emphasized that its trade with overseas customers adheres to relevant laws, regulations, and international business practices.
According to the company, Tianyu has no presence or operations in the United States, including any subsidiaries or branches. Additionally, the company has no assets or business activities in the country. Tianyu stated that it will take appropriate measures to protect the interests of relevant parties. The news was reported by Ella Cao in Beijing and Farah Master in Hong Kong, with editing by William Mallard.