GOP Calls for More China Blacklists

Twelve GOP lawmakers sent a letter to U.S. Treasury Secretary Janet Yellen calling on the Office of Foreign Assets Control and Financial Crimes Enforcement Network to investigate six People's Republic of China (PRC) companies, including two of the largest oil companies in the PRC.

.The apparent intent is to discourage US investors from owning shares in the firms, several of which are included in East Asian Stock Indexes.

"These companies help Iran circumvent U.S. sanctions already in place, and jeopardize U.S. strategic interest," the lawmakers write. "As a result, U.S. retirees are likely indirectly funding activities that run counter to U.S. national security and international stability."

The letter asks that the Treasury "investigate the below companies, their subsidiaries (both majority and minority-owned), and their affiliates to determine whether their activities with respect to Iran have violated U.S. sanctions or otherwise warrant sanctions:"

1. China North Industries Group Co., Ltd. (Norinco),
2.  Aviation Industry Corporation of China (AVIC),
3. China Ocean Shipping Co., Ltd. (COSCO),
4. China National Offshore Oil Corporation (CNOOC),
5.  CRRC Corporation Limited (CRRC),
6. China Petroleum & Chemical Corporation (Sinopec).

Chairman John Moolenaar (R-MI), and all 11 Republican members of the House Select Committee on the Chinese Communist Party sigend the letter.  No Democrats joined the initiative.

[Letter text ]