In the News: Sanction Proof-Contracts Expected for Chinese Shipping Firms; US States Attempt to Restrict Chinese Ownership of Land; and China Embraces Blockchain Technology Despite Cryptocurrency Ban

May 24, 2023 | BY

Clarence Lee

Shipping firms are demanding their Chinese counterparts include break clauses in contracts over concerns about sanctions; Florida and Montana have introduced laws restricting Chinese nationals from owning land; and China is investing in training and research of blockchain technology despite its harsh cryptocurrency crackdown;.

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Sanction-proof Contracts Expected For Chinese Shipping Firms

An increasing number of global shipping firms are asking their Chinese counterparts to include break clauses in contracts in case the Chinese firm faces international sanctions, according to a report that appeared in the Financial Times. This comes as sanctions against Russia continue to increase and are being implemented faster than expected, and also amid lingering worries that the U.S. will introduce direct sanctions against China as U.S.-China tensions over the Taiwan Strait escalate. 

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