WASHINGTON (Reuters) – U.S. lawmakers plan to unveil a bill on Thursday that could be used to block Huawei Technologies Ltd from accessing U.S. banks for certain transactions, in a bid to thwart the Chinese telecoms giant amid frustration over the failure of prior sanctions to curb its business.
FILE PHOTO: A Huawei company logo is pictured at the Shenzhen International Airport in Shenzhen, Guangdong province, China July 22, 2019. REUTERS/Aly Song/File Photo
The bill, with sponsors including top Senate Democrat Charles Schumer, Republican Senator Tom Cotton and House Republican Mike Gallagher, would ban U.S. firms from taking part in “significant” transactions with foreign companies that produce 5G telecommunications technology and engage in industrial espionage.
If the bill were passed and Huawei designated, the company would be shunned by U.S. banks in certain dealings with customers worldwide, since most dollar payments clear through U.S. financial institutions.
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