The Chinese national flag is pictured on a boat crossing the Yangtze River in Wuhan, Hubei province, China May 2, 2021.
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REUTERS/Tingshu Wang
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Mary E. Lovely (PIIE) and Jeffrey J. Schott (PIIE)

Financial sanctions imposed by the United States to punish bad actors in Iran, North Korea, Russia, and other countries may not work effectively if applied to China. That is because Beijing is adopting blocking rules to nullify the effect of foreign sanctions, putting multinational firms at risk of getting caught between US sanctions, including export controls, and Chinese countermeasures.

The Peterson Institute for International Economics building is closed to staff and visitors until further notice. PIIE personnel are working remotely, with access to telephone messages.

Photo Credit: 
REUTERS/Tingshu Wang

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