China’s commerce ministry on Wednesday announced countermeasures against two financial institutions in the European Union (EU) after the EU listed two Chinese financial institutions in its sanctions against Russia.
Organisations and individuals in China are prohibited from engaging in related transactions, cooperation and other activities with the two financial institutions, namely UAB Urbo Bankas and AB Mano Bankas, the ministry said, citing the country’s Anti-Foreign Sanctions Law and the regulation on implementing the law.
Beijing said the EU’s sanctions, effective from Aug. 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, it said.
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