Three US senators have proposed a bill that would allow for financial sanctions against China in the event of an attack or invasion of Taiwan.
US senators Rick Scott, Kevin Cramer and John Kennedy introduced the deterring communist Chinese aggression against Taiwan through financial sanctions act, which would seek to impose financial sanctions on Beijing should it invade, blockade or enact regime change in Taiwan through the use of force.
The act would sever all financial transactions between the US and China in such an event, and also require the US president to implement sanctions within 30 days.
Photo: EPA-EFE
Sanctions would include a ban on transactions of property, the revocation of visas and restrictions on Chinese nationals involved in the use of force against Taiwan; restrictions on transfers of credit or payments between financial institutions with China; a ban on investment in equity or debt of sanctioned persons; and a prohibition against financial engagement with Chinese military and software companies, financial messaging systems and digital currencies.
Taiwan is one of the US’ most important partners in the Asia-Pacific region, and its peace and stability are in Washington’s security and economic interests, Scott said in a statement on Wednesday.
“We have watched communist China’s increasingly frequent actions to harass and intimidate the Taiwanese people, through regular military encroachments and cyberattacks. We must be clear that these intimidation tactics will not be ignored,” the statement said.
“As Beijing quietly watches [Russian President Vladimir] Putin’s invasion of and assault on Ukraine, America must stand strongly behind our partners in democracy, and leave no ambiguity as to our resolve to condemn and punish tyrants who attack our partners,” it said.
He said that passing the bill would make clear to Chinese President Xi Jinping (習近平) that if he follows Putin’s example, he would face economic isolation and severe financial sanctions.
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