Chinese banking regulators said on Wednesday that China would not participate in Western-led sanctions against Russia.
China’s refusal to condemn Russia’s invasion of Ukraine has repeatedly criticized it as illegal and unilateral sanctions.
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“When it comes to financial sanctions, we do not approve these sanctions, especially unilateral sanctions, because they do not work properly and have no legal basis,” said Guo Shuqing, chairman of the China Banking Insurance Regulatory Commission. conference.
“We will not engage in such sanctions,” he said, adding that “we will continue to maintain normal economic and trade exchanges with relevant parties.”
China and Russia have become increasingly close in recent years, including as trading partners. Total trade between the two countries rose 35.9% last year to $146.9 billion, according to Chinese customs data, and Russia has a trade surplus with China as a major supplier of oil, gas, coal and agricultural commodities.
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“The impact of the sanctions on China’s economy and financial sector is not yet significant,” Guo said.
“Overall, they won’t make a big difference. [on China] Citing the resilience of China’s economy and financial sector, Guo said “so it will be in the future.”