China has taken measures against two Banks of the European Union (EU) in retaliation for the placement of two Chinese financial institutions in a list of European sanctions linked to Russia, Chinese Minister of Commerce said Wednesday. These countermeasures, with immediate effect, prohibit Lithuanian banks UAB URB Bankas and AB Hand Bankas to promote transactions and exchange with organizations or individuals in China, added the ministry in a press release.
Chineaueuropeas Stormy Relations
The European sanctions against the HEIHE Rural Commercial Bank and the Rural Commercial Bank of Heilongjiang Suifenhe entered into force on August 9, according to the Ministry document. The EU’s decision to add Chinese companies to their sanctions against Russia in July has become a dispute issue when relations between the continent and the second world economy remain stormy.
The president of the European Commission, Ursula von der Leyen, said that the commercial relations between the two members had reached “a clear turning point” after a summit in Beijing last month with the Chinese leaders. The discussions focused on commercial issues, but on this occasion, Brussels also urged China to discourage Russia to continue their war against Ukraine. China, which has an “unlimited” association with Russia, has remained since the beginning of the conflict in the same line, defending a political agreement of the Ukrainian crisis.
Source: BFM TV
