China Retaliates Against EU Sanctions
(MENAFN) In a move to counter recent sanctions from the European Union, Beijing has declared that it has placed two European banks on its sanctions list.
This decision follows the EU’s latest round of punitive measures targeting Russian financial and energy sectors, which also affected Chinese financial institutions.
The EU unveiled its 18th set of sanctions against Moscow last month, concentrating on curbing activities in Russia’s banking and energy industries.
Among the newly targeted organizations were financial entities from China, India, the UAE, and Turkey.
In response, China’s Ministry of Commerce announced on Wednesday that Lithuania-based banks UAB Urbo and AB Mano had been added to its blacklist.
Effective immediately, all Chinese entities and individuals are barred from engaging in business, collaboration, or any form of interaction with the two institutions.
Beijing strongly condemned the EU's actions against the Chinese lenders, Suifenhe Rural Commercial Bank and Heihe Rural Commercial Bank, describing the sanctions as “a serious violation of international law” that “has caused significant harm to the legitimate rights and interests of Chinese companies.”
In reaction to China’s retaliatory move, the European Commission has stated it will closely examine Beijing's measures before deciding on a course of action.
Olof Gill, a spokesperson for the European Commission, told a news agency on Wednesday that the bloc “is open to identifying a mutually acceptable solution that could ultimately lead to the de-listing of the banks.”
Despite being blacklisted, both Lithuanian banks downplayed the impact of China’s decision on their operations.
Urbo Bank clarified that it has no business involvement in China, while Mano Bank emphasized that the Chinese market has never been among its targets and that it currently holds no operations there.
Both financial institutions reported that they had reached out to Lithuanian authorities following the announcement.
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