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US sanctions six Chinese tech companies for supporting spy balloon programs

by Index Investing News
February 13, 2023
in Stocks
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https://www.cnbc.com/2023/02/10/us-sanctions-six-chinese-tech-companies-for-supporting-spy-balloon-programs.html

The Commerce Department announced a new round of sanctions Friday targeting six Chinese aerospace companies that it identified as supporting the nation’s military’s reconnaissance balloon program. The firms will join a growing list of companies based in China that the U.S. says pose serious threats to national security. The sanctions announcement came just hours after an American military F-22 shot down the second “high altitude object” to enter U.S. airspace in the past week. “The PRC’s use of high-altitude balloons violates our sovereignty and threatens U.S. national security,” said Alan Estevez, undersecretary of commerce for industry and security, using the acronym for the People’s Republic of China.

“Today’s action makes clear that entities that seek to harm U.S. national security and sovereignty will be cut off from accessing U.S. technologies,” Estevez said in a statement from the Commerce Department. The craft that was shot down Friday was floating off the coast of Alaska. Last weekend, a high altitude Chinese surveillance balloon was shot down off the coast of South Carolina. The new sanctions reflect the administration’s renewed focus this week on China’s unmanned airship surveillance programs.

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