China Hits Two EU Financial Firms with Countermeasures
(MENAFN) On Wednesday, China’s Ministry of Commerce announced swift countermeasures targeting two European Union financial institutions after the EU included them in its sanctions against Russia. The ministry declared that Chinese entities and individuals are barred from any transactions, collaborations, or related activities with UAB Urbo Bankas and AB Mano Bankas. This move is grounded in China’s Anti-Foreign Sanctions Law and its enforcement regulations.
The ministry condemned the EU’s sanctions, effective August 9, as a blatant violation of international law and fundamental principles governing global relations. It stressed that these actions have gravely damaged the lawful rights and interests of Chinese companies and inflicted severe harm on economic and financial ties between China and the EU.
Expressing hope for a resolution, China urged the EU to value the deep-rooted cooperation in economic, trade, and financial fields between the two sides. China hopes that the EU side will cherish the long-standing cooperative relationship forged between China and the EU as well as its members in the economic, trade and financial sectors, correct its wrongdoings, and stop undermining the interests of China as well as China-EU cooperation, the ministry said.
This escalation highlights mounting tensions as China pushes back decisively against Western sanctions linked to the Russia conflict.
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