The NO LIMITS Act would let the President impose financial sanctions on certain people and companies linked to China’s support for Russia’s military and defense industries. The sanctions could block transactions involving their property in the United States or held by U.S. persons. The President could also sanction listed Chinese military companies with business operations in Russia. The bill would extend some export licensing requirements to subsidiaries controlled by listed Chinese or Russian entities. It would require a review of certain Chinese arms manufacturers and new regulations to carry out the bill.
If enacted, the bill could restrict transactions by U.S. people and businesses with sanctioned entities. It does not require sanctions on imports of goods. The President could waive sanctions for renewable periods of up to 90 days if the President reports that a waiver is vital to U.S. national interests. The bill does not describe direct benefits or services for individuals.
No publicly available information.
Congress states that the measures are intended to limit financing and other support for Russia’s defense industries, address Chinese military modernization, and protect U.S. national security.
No publicly available information.