US Imposes Sanctions on Individuals and Entities for Illegal Fishing from China

The US Treasury Department has imposed sanctions on Li Zhenyu and Xinrong Zhuo, both Chinese nationals, and 10 entities they control, including Dalian Ocean Fishing Co., Ltd. and Pingtan Marine Enterprise, Ltd. (SME). (PME), the US Office of Foreign Assets Control (OFAC) said in a statement.

157 Chinese-flagged fishing vessels associated with these entities were also targeted, OFAC said.

“Treasury condemns the practices of sanctioned companies, which often violate human rights, undermine core labor and environmental standards, and harm the economic prospects of local people in the Indo-Pacific,” said Brian Nelson, Treasury Undersecretary for Terrorism and Financial Intelligence.

The SME designation is the first time the United States has imposed sanctions on a NASDAQ-listed entity.

The Treasury Department also issued blanket licenses allowing U.S. persons until March 9 to engage in certain transactions related to the settlement of financial contracts and other agreements with SMEs or the assignment or transfer of debt or SME shares.