The NO LIMITS Act of 2024 authorizes the President to impose financial sanctions against Chinese companies that support Russia's military and defense industries, particularly those operating in technology, defense manufacturing, and other strategic sectors. The bill specifically targets a list of major Chinese military-linked companies and automobile exporters doing business in Russia, and requires the President to impose sanctions on these entities within 180 days of the law's enactment unless waived for national security reasons. Additionally, the legislation strengthens export controls by requiring licenses for selling advanced U.S. technology such as semiconductors, sensors, and aviation equipment to China, with a presumption of denial unless exporters prove the sale poses no national security threat. The bill affects Chinese entities, multinational companies doing business with China, and U.S. exporters of sensitive technology, and requires relevant federal agencies to issue implementing regulations within 90 days of enactment.
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