China imposed sanctions on two EU banks

Previously, two Chinese financial institutions faced restrictions due to cooperation with Russia. In response to EU measures, China decided to also apply sanctions. UNN reports this with reference to Bloomberg.

Details

China has included UAB Urbo Bankas and AB Mano Bankas in its list of countermeasures

The said measure prohibits organizations and individuals in China from conducting transactions, partnerships, and other activities with these institutions.

In another statement, the ministry expressed hope that the EU would develop its relations with China, correct its mistakes, and stop harming the country's interests. What is it about? It is about previously introduced restrictions that "especially affected two Chinese financial institutions" that cooperated with the Russian Federation - a country that has been waging an aggressive war for many years. So, in response to EU measures, China decided to apply its sanctions.

Addition

Some state-owned Chinese banks tightened restrictions on financing Russian clients in early 2024, after the US approved secondary sanctions against foreign financial firms that aid Moscow's war efforts.

Comment

Our bank does not conduct financial operations in China and has no business relations with individuals or organizations in that country. Since we have no business partnerships with Chinese individuals or legal entities, the sanctions will have no impact.

AB Mano Bankas also stated that it "does not conduct active operations" in China, so this step will not affect daily operations.

Reference

UAB Urbo Bankas and AB Mano Bankas are based in Lithuania. Beijing did not name the reasons for their selection, but the move comes after tensions with the Baltic country, Bloomberg writes.

Last year, Lithuania expelled three Chinese embassy employees, stating that they were not accredited.

Recall

The Seimas of Lithuania approved in the first reading a ban on travel to unfriendly countries for employees who work with classified information. The ban will affect 56,000 people and will apply to Russia, Belarus, and China.

The European Union included two Chinese regional banks, Suifenhe Rural Commercial and Heihe Rural Commercial, in the 18th package of sanctions against Russia.