House Republicans Seek Probe of Six Chinese Firms Tied to Iran
All 12 Republicans on the House Select Committee on China, including Chairman John Moolenaar of Michigan, urged the Treasury Department May 31 to investigate whether six Chinese companies should be sanctioned for helping Iran’s military and energy sectors evade U.S. sanctions.
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The companies are China North Industries Group Co., Ltd. (Norinco), Aviation Industry Corporation of China (AVIC), China Ocean Shipping Co., Ltd. (COSCO), China National Offshore Oil Corporation (CNOOC), CRRC Corporation Limited (CRRC) and China Petroleum & Chemical Corporation (Sinopec).
The committee Republicans said that Norinco has smuggled weapons to the Iran-backed Houthi terrorist group in Yemen, AVIC has sold aircraft to the Islamic Revolutionary Guard Corps’ Aerospace Force, and COSCO has shipped Iranian oil. The lawmakers also said that CNOOC has been qualified to participate in Iranian oil projects, CRRC has built train cars for Iran, and Sinopec has helped develop an Iranian oil field.
In a letter to Treasury Secretary Janet Yellen, the lawmakers asked that her department brief lawmakers on its findings by June 14. A Treasury spokesperson said the department wouldn't comment on possible sanctions actions.
The letter notes that the six companies have received about $1.2 billion from U.S. investors. The committee urged Congress in April to pass legislation to restrict U.S. investment in companies tied to China’s military, critical technology sectors, or forced labor and genocide (see 2404180049).