China Denounces EU’s Sanctions on Firms
(MENAFN) China’s Ministry of Commerce has firmly rejected the European Union’s decision to impose new sanctions on certain Chinese enterprises and banking institutions, calling the move unjustified.
The ministry emphasized that Beijing is committed to defending the interests of the affected organizations.
This response follows the EU’s announcement on Friday that two Chinese banks and five companies had been added to its sanctions list as part of its 18th sanctions package against Russia, alleging these entities had aided in bypassing previous restrictions related to the Ukraine conflict.
A representative from the ministry stated on Monday, “China has consistently opposed unilateral sanctions that lack a basis in international law and are not authorized by the UN Security Council,” while speaking to reporters.
The official cautioned that the EU’s actions would have a detrimental effect on trade relations, as well as on economic and financial partnerships between the two regions.
The ministry also urged the European Union to immediately cease what it described as “the erroneous practice,” and declared that China would “take necessary measures to resolutely safeguard the legitimate rights and interests” of the impacted firms.
This suggests potential countermeasures to protect national economic interests.
Among the sanctioned entities are Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank.
According to Brussels, these financial institutions allegedly offered cryptocurrency-related services that were deemed to be “frustrating the purpose of the sanctions” against Moscow.
Notably, this marks the first instance of Chinese banks being targeted by EU sanctions since the escalation of hostilities in Ukraine began in February 2022.
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