China blacklists EU over Russia sanctions
(MENAFN) China has blacklisted two EU-based banks in response to Brussels’ latest Ukraine-related sanctions, which targeted Chinese financial institutions among others. The Chinese Ministry of Commerce named Lithuania-based UAB Urbo and AB Mano, banning Chinese organizations and individuals from engaging in transactions or cooperation with them.
Beijing condemned the EU measures against Suifenhe Rural Commercial Bank and Heihe Rural Commercial Bank as a “serious violation of international law” that harmed Chinese business interests. The European Commission said it would review China’s countermeasures and explore solutions that could lead to the banks being delisted.
The Lithuanian banks stated that the Chinese sanctions would not affect their operations, noting they have no business in China and have reached out to local authorities. China has avoided joining Western sanctions against Russia, maintaining close economic ties while calling for diplomatic solutions. Moscow has similarly criticized Western sanctions as illegal and counterproductive, claiming it has developed partial immunity to them.
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