Biden Admin Announces New Sanctions On Chinese Biotech Over HR Abuses

The Biden administration has announced a new set of sanctions against Chinese biotech firms for alleged human rights breaches with regards to the Uyghur community in Xinjiang province.

• Sanctions had been rumoured for several days, hitting stocks of chip manufacturers and biotech firms.
• Full Commerce Dep't press release on the sanctions can be found by clicking here.
• Secretary of Commerce Gina Raimundo: "The scientific pursuit of biotechnology and medical innovation can save lives. Unfortunately, the PRC is choosing to use these technologies to pursue control over its people and its repression of members of ethnic and religious minority groups. We cannot allow U.S. commodities, technologies, and software that support medical science and biotechnical innovation to be diverted toward uses contrary to U.S. national security,”
• Aamer Madhani at AP also writes "The Treasury Department is also set to issue penalties against several Chinese entities, according to a senior administration official who spoke on the condition of anonymity to discuss the soon-to-be-announced moves."