China rules out sanctions against Russia
The country’s banking watchdog said on Wednesday that Beijing would not join Western-led sanctions against Russia, adding that it believed the impact of the measures on China would be limited.
China, which has refused to condemn Russia’s invasion of Ukraine, has repeatedly criticized what it describes as illegal and unilateral sanctions.
“When it comes to financial sanctions, we do not agree with them, especially those launched unilaterally, because they do not work well and have no legal basis,” said Guo Shuqing, head of the China Banking and Insurance Regulatory Commission. Press conference statement.
“We will not participate in such sanctions. We will continue to maintain normal economic and trade exchanges with relevant parties,” he added.
China and Russia have grown closer in recent years, including as trading partners. Total trade between the two countries rose 35.9% last year to a record $146.9 billion, according to Chinese customs data.
Russia is a major source of oil, gas, coal and agricultural products, and has a trade surplus with China.
Quoting the resistance of the Chinese, Guo added, “The impact of sanctions on the Chinese economy and the financial sector is not very significant yet… In general, they will not have a significant impact (on China) even in the future.” Economy and the financial sector.