China will not join sanctions on Russia, banking regulator says

Published March 2, 2022
Guo Shuqing, Chairperson of the China Banking and Insurance Regulatory Commission, attends a news conference in Beijing, China on March 2, 2021. — Reuters/File
Guo Shuqing, Chairperson of the China Banking and Insurance Regulatory Commission, attends a news conference in Beijing, China on March 2, 2021. — Reuters/File

China will not join in sanctions on Russia that have 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 criticised what it calls illegal and unilateral sanctions.

Read: China accuses US of raising tensions on Ukraine issue

"As far as financial sanctions are concerned, we do not approve of these, especially the unilaterally launched sanctions because they do not work well and have no legal grounds," Guo Shuqing, chairperson 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 relevant parties," he said.

China and Russia have grown increasingly close in recent years, including as trading partners. Total trade between the two jumped 35.9 per cent 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 agriculture commodities, running a trade surplus with China.

Read: Putin, Xi hail ‘no limits’ partnership, assail US policies

"The impact from the sanctions on China's economy and financial sector is so far not too significant," Guo added.

"Overall they will not have much impact [on China] even in the future," Guo said, citing the resilience of China's economy and financial sector.

Opinion

Economic liberalism

Economic liberalism

In the midst of debates on state intervention versus free market policies, The Economist has published a special report ‘The Homeland Economics’.

Editorial

Next steps
Updated 02 Dec, 2023

Next steps

An impression is gaining currency that the decision-makers want more time to continue stabilising the economy.
Massacre resumes
Updated 02 Dec, 2023

Massacre resumes

Efforts should be made to renew the ceasefire, but they should also push for a long-term cessation of hostilities.
Wearing poison
02 Dec, 2023

Wearing poison

A RECENT study by Karachi University has cast a spotlight on the contamination of children’s jewellery with toxic...
Half victories
Updated 01 Dec, 2023

Half victories

Nawaz Sharif cannot be considered irrational for lacking faith in the judicial process.
AIDS alarm
01 Dec, 2023

AIDS alarm

AS countries observe World AIDS Day today, it is a moment of reflection for Pakistan, which is grappling with an...
Turbat protest
01 Dec, 2023

Turbat protest

ONCE again, people in Balochistan are out on the streets against the alleged excesses of the state. The trigger of...