China will not adhere to the Western-led adoption of sanctions against Russia, the country’s banking regulator said on Wednesday, adding that it believes the impact of these measures on the world’s second-largest economy will be limited.
The Asian country, 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 of them, especially sanctions launched unilaterally, because they do not work well and have no legal basis,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told a news conference. .
“We will not participate in such sanctions. We will continue to maintain normal economic and trade exchanges with the relevant parties,” he said.
China and Russia have become increasingly closer in recent years, including as trading partners. Total trade between the two countries jumped 35.9% last year to a record $146.9 billion, according to Chinese customs data, with Russia serving as a major source of oil, gas, coal and agricultural commodities. and registering a trade surplus with China.
“The impact of sanctions on China’s economy and financial sector so far is not very significant,” Guo added. “Overall, they won’t have much of an impact (in China), even in the future.”
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