China Sanctions European Banks After EU Targets Chinese Firms for Russia Ties
China this week sanctioned two European banks in retaliation for the EU earlier this year designating Chinese financial institutions for doing business with Russia (see 2507180017). The announcement blocks Chinese companies and people from participating in transactions or other "activities" with Lithuanian banks AB Urbo Bankas and AB Mano Banka, the ministry said Aug. 13, according to an unofficial translation.
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The EU's move to sanction Chinese companies "gravely violates international law and basic norms governing international relations, severely damages the legitimate rights and interests of Chinese companies, and has a serious negative impact on China-EU economic, trade, and financial cooperation," a ministry spokesperson said. "We hope that the EU will cherish the long-term sound cooperative relationship between China and the EU and its member states in the economic, trade and financial fields, correct relevant erroneous practices and stop acts that harm China's interests and undermine China-EU cooperation."