Sanctions on Pelosi in China... Will the 'Husband's Business Partner' Also Be Affected?

China Initiates Sanctions Under 'Anti-Foreign Sanctions Law' Targeting Foreign Senior Officials and Their Immediate Relatives

Nancy Pelosi, Speaker of the U.S. House of Representatives, and her husband Paul Pelosi [Image source=Reuters Yonhap News]

[Asia Economy Intern Reporter Kim Se-eun] China's state-run media has claimed that companies doing business in China that have dealings with Nancy Pelosi, Speaker of the U.S. House of Representatives, and her immediate family members could face disadvantages.

On the 13th, the Global Times, affiliated with the People's Daily, the official newspaper of the Chinese Communist Party, wrote, "Pelosi is a top-level U.S. politician sanctioned by China," and added, "Based on precedents of sanctions against U.S. politicians such as former Secretary of State Mike Pompeo, it can be expected that all China-related interests connected to Pelosi and her immediate family members' business activities will be affected."

The term "immediate family members" is interpreted as targeting Paul Pelosi, Speaker Pelosi's husband. Paul Pelosi is involved in real estate investment and venture capital operations.

The newspaper also mentioned the effect of secondary sanctions, stating, "Furthermore, all companies from the U.S. or third countries wishing to do business in China will avoid or be cautious about economic contacts with the Pelosi family."

Earlier, on the 2nd and 3rd, when Pelosi visited Taiwan despite China's opposition, China condemned it as a "sovereignty infringement and provocative act" and placed her and her relatives on the sanctions list.

While the likelihood of China implementing actual secondary sanctions against U.S. companies seems low, the warning that companies dealing with the Pelosi family will face difficulties doing business in China is clear.

Additionally, the newspaper stated, "To cause Pelosi visible and painful losses, an investigation into the Pelosi family's vast wealth is essential first," and added, "Direct or indirect financial interests connected to China could become targets of follow-up measures such as freezing or confiscation."

Meanwhile, recently, besides Speaker Pelosi, China also sanctioned Agn? Vaiciukevi?i?t?, Lithuania's Minister of Transport and Communications, who visited Taiwan on the 7th.

On the 12th, the Chinese Ministry of Foreign Affairs explained the reason, saying, "(Minister Vaiciukevi?i?t?) trampled on the One-China principle, seriously interfered in China's internal affairs, and harmed China's sovereignty and territorial integrity."

China has based its selection of sanction targets on the Anti-Foreign Sanctions Law, which was passed by the National People's Congress (NPC) and is currently in effect. The Anti-Foreign Sanctions Law allows China to impose sanctions such as entry bans into China, freezing of assets within China, and prohibiting transactions with Chinese companies and individuals on foreign individuals and companies interfering in China's internal affairs by placing them on a blacklist.

Earlier, in March, when the Biden administration announced approval of a $100 million sale of Patriot missiles to Taiwan, China warned that it would apply the Anti-Foreign Sanctions Law to defense contractors Lockheed Martin and Raytheon, which produce the missiles.

This content was produced with the assistance of AI translation services.