Hunter Biden steps down from Chinese private equity board, promises no foreign work if dad Joe elected in 2020

Former Vice President Joe Biden’s son, Hunter, says he’ll stand down from doing any foreign work if his dad is elected president in 2020.

Hunter Biden has been in the middle of a storm of controversy over his dealings as a board member on Burisma, one of Ukraine’s largest private gas companies, led by President Trump and Rudy Giuliani,

Trump reportedly asked the president of Ukraine personally to investigate the Bidens, and made a similar request publicly of China.

In a statement issued by his lawyer Sunday morning, Hunter Biden announced he’ll step down from the board of BHR (Shanghai) Equity Investment Fund Management Company, a Chinese private equity firm that claims to manage about $2.1 billion in investments. Biden insisted he has earned no money from his role and said he paid about $420,000 in October 2017 to buy a 10% equity position in the company.

Biden said he’ll resign by Oct. 31.

The younger Biden also laid out ground rules for his career moves if his father is elected, including keeping the former VP “personally uninvolved in his business affairs.”

Related: Hunter Biden through the years

“Under a Biden Administration, Hunter will readily comply with any and all guidelines or standards a President Biden may issue to address purported conflicts of interest, or the appearance of such conflicts, including any restrictions related to overseas business interests,” the statement reads. “In any event, Hunter will agree not to serve on boards of, or work on behalf of, foreign owned companies.”

As for Burisma and his work in Ukraine, Biden said he focused on “the principles of corporate transparency, governance and responsibility."

“Despite extensive scrutiny, at no time has any law enforcement agency, either domestic or foreign, alleged that Hunter engaged in wrongdoing at any point during his five-year term,” his attorney said.