China announces countermeasures against financial institutions in European Union

(MENAFN) China’s commerce ministry announced on Wednesday that it has enacted countermeasures against two financial institutions in the European Union (EU) following the EU’s decision to include two Chinese banks in its sanctions related to Russia.

Under the measures, organizations and individuals in China are barred from engaging in transactions, cooperation, or other dealings with the two EU institutions—UAB Urbo Bankas and AB Mano Bankas—according to reports citing China’s Anti-Foreign Sanctions Law and its implementing regulations.

The statement said the EU’s sanctions, which took effect on August 9, “have seriously violated international law and the basic norms of international relations, severely harmed the legitimate rights and interests of Chinese enterprises, and caused serious negative impacts on China-EU economic and trade relations and financial cooperation.”

The ministry urged the EU to “cherish the long-standing cooperative relationship forged between China and the EU as well as its members in the economic, trade and financial sectors, correct its wrongdoings, and stop undermining the interests of China as well as China-EU cooperation.”

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