China imposes retaliatory financial restrictions on two European banks
China has imposed retaliatory sanctions on two Lithuanian banks, UAB Urbo Bankas and AB Mano Bankas, as a response to the European Union's recent sanctions on two Chinese financial institutions linked to Russia. These Chinese countermeasures prohibit Chinese agencies and individuals from conducting any transactions or cooperation with the two Lithuanian banks 13.
The move directly responds to the 18th package of sanctions imposed by the EU against Russia, which included sanctions on the Chinese banks Suifenhe Rural Commercial Bank and Heihe Rural Commercial Bank. The EU accused these Chinese banks of facilitating activities that undermine EU sanctions targeting Russia’s war efforts. China condemned the EU’s sanctions as violations of international law harming Chinese interests and called for the EU to cease these actions to preserve China-EU economic and financial cooperation 14.
The retaliatory sanctions imposed by China are a mirror measure intended to pressure the EU, defend China's sovereign interests, and push back against what it views as unjust EU sanctions related to the Russia conflict 13.
Notably, Chinese Minister of Commerce Wang Wenhao protested to EU Trade Commissioner Maroš Šefčovič over the inclusion of measures against Chinese institutions in the latest package of anti-Russian sanctions. The protest was made before the announcement of the imposition of retaliatory sanctions on UAB Urbo Bankas and AB Mano Bankas 1.
In summary, the protest and subsequent counter-sanctions from China serve as a diplomatic response to the EU's actions, highlighting the complex and evolving geopolitical dynamics at play in the ongoing Russia conflict.
- The retaliatory sanctions imposed by China on UAB Urbo Bankas and AB Mano Bankas are a reaction to the EU's sanctions on the Chinese banks Suifenhe Rural Commercial Bank and Heihe Rural Commercial Bank, which were imposed due to their alleged role in facilitating activities that undermine EU sanctions against Russia's war efforts.
- These countermeasures by China aim to defend its sovereign interests in the banking-and-insurance industry, finance, and politics, and serve as a means to pressure the EU in response to the unjust sanctions related to the Russia conflict.
- The complex geopolitical dynamics in the ongoing Russia conflict are further highlighted by China's diplomatic response, as demonstrated by the protest made by Chinese Minister of Commerce Wang Wenhao to EU Trade Commissioner Maroš Šefčovič over the inclusion of measures against Chinese institutions in the latest package of anti-Russian sanctions.
