The NO LIMITS Act authorizes the President to impose financial sanctions against Chinese companies and entities that support Russia's military and defense sectors or assist Russia's invasion of Ukraine. The bill targets Chinese firms operating in Russian technology, defense, and related industries, as well as Chinese military companies with business operations in Russia. It also grants the President authority to sanction Chinese entities engaged in cyber activities, dual-use technology production, or evasion of U.S. export controls on behalf of China's armed forces or intelligence services. The law takes effect 90 days after enactment for general sanctions and 180 days for sanctions on known Chinese military companies, with the Secretary of the Treasury required to determine within 180 days whether specific Chinese defense contractors should be sanctioned. The bill does not authorize sanctions on imported goods and allows the President to waive sanctions for renewable 90-day periods if deemed vital to national interests.
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