Requires the State Department to deliver, within 90 days, an unclassified report to Congress on links between Chinese entities and Russia’s defense and intelligence sectors, including whether they supplied critical parts for Russian weapons or dealt with sanctioned actors. The public portion may be released.

Starting 30 days after enactment, allows the President to sanction “foreign adversary” entities that steal U.S. trade secrets, assist foreign militaries or intelligence services, or violate U.S. export controls. Sanctions can block property and restrict visas. The law includes exceptions for U.S. intelligence and law enforcement activities, limited waiver authority for national security, annual reporting to Congress, and clarifies it does not authorize import bans on goods.