China opposes ‘illegal’ sanctions against Russia by United States and its allies
- Top banking regulator downplays possible economic impacts on ‘sound and resilient’ Chinese economy, while striving for ‘normal’ trade and financial ties with both Moscow and Kyiv
- Foreign ministry spokesman also decries the effectiveness of sanctions, warning of the impact on people’s livelihoods
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How international sanctions imposed since Ukraine invasion are hitting Russia
Beijing neither supports, nor will be taking part in the imposition of, financial sanctions imposed by the West and its allies against Russia, according to China’s top banking regulator.
Instead, it will strive to maintain “normal” trade and financial ties with both Moscow and Kyiv, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission.
Guo added that the impact those sanctions will have on the Chinese economy, and its financial sector, were not entirely clear.
“But on the whole, we don’t think it will have much of an impact in the future, since our economy and finances are very sound and resilient,” he said.
The United States and its allies have doubled down on a sweeping array of economic and financial sanctions on Russia in the wake of its invasion ordered by President Vladimir Putin.