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US judge holds three Chinese banks in contempt for refusing to comply with probes into violations of North Korea sanction

A US judge has found three large Chinese banks in contempt for refusing to comply with subpoenas in an investigation into North Korean sanctions violations. The order triggers for the first time a provision that could cut off one of China’s largest banks from the US financial system at the demand of the US attorney general or treasury secretary.The three banks are not identified, but details in court rulings align with a 2017 civil forfeiture action in which the Justice Department alleged that… Source link

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Microsoft said to stop accepting new orders from Huawei as it moves to comply with US restrictions

Microsoft has followed Google and stopped accepting new orders from Huawei Technologies after the Chinese telecoms gear and smartphone maker was added to a US blacklist that prevents it from buying American technology, according to people familiar with the matter.The two major areas of business between Huawei and Microsoft – Windows operating systems for laptops and other content-related services – have both been suspended by the US company as it moves to comply with US government restrictions,… Source link

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