China will not agree to sanctions against Russia, the banking regulator says
China will not agree to sanctions against Russia, the banking regulator says

China will not agree to sanctions against Russia, the banking regulator says

CBIRC Chairman Guo Shuqing attends a press conference in Beijing

BEIJING (Reuters) – China will not participate in sanctions against Russia, which has been led by the West, the country’s banking regulator said on Wednesday, adding that he believed the impact of the measures on China would be limited.

China, which has refused to condemn Russia’s invasion of Ukraine, has repeatedly criticized what it calls illegal and unilateral sanctions.

“As far as financial sanctions are concerned, we do not approve these, especially the unilaterally imposed sanctions because they do not work well and have no legal justification,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told reporters. conference.

“We will not participate in such sanctions. We will continue to maintain normal economic and trade exchanges with relevant parties, ”he said.

China and Russia have grown closer to each other in recent years, also as trading partners. Total trade between the two jumped 35.9% last year to a record high of $ 146.9 billion, according to Chinese customs data, with Russia serving as a major source of oil, gas, coal and agricultural commodities and having a trade surplus with China.

“The impact of the sanctions on China’s economy and financial sector is so far not too significant,” Guo added.

“Overall, they will not have much influence (on China) even in the future,” Guo said, citing the resilience of China’s economy and financial sector.

(Reporting by Kevin Yao; Editing by Andrew Heavens, Kim Coghill and Emelia Sithole-Matarise)

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