China will not join sanctions against Russia, banking regulator says
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Guo Shuqing is chairman of China Banking and Insurance Regulatory Commission. He attends a press conference by the State Council Information Office to promote the quality development of Banking and Insurance Industry. It took place in Beijing on March 2, 2021.
Visual China Group | Visual China Group | Getty Images
BEIJING – China’s banking and insurance regulator said on Wednesday that the country opposes and will not join financial sanctions against Russia.
According to a CNBC translation, Guo Shuqing (chairman of China Banking and Insurance Regulatory Commission) said that everyone is paying attention to the recent conflict between Russia and Ukraine. The Ministry of Foreign Affairs has clearly stated China’s position. We are consistent in our international policy.”
Guo stated that financial sanctions are not supported by China. He also expressed concern about “unilateral”, which don’t address the problems. China won’t be joining such sanctions.
Guo is also Chinese Communist Party secretary of the People’s Bank of China, the country’s central bank. The Chinese Communist Party secretary of the People’s Bank of China, Guo said Wednesday that he hopes both sides maintain economic communication and that China has not been affected by sanctions so far.
China’s Ministry of Foreign Affairs refused to label Russia’s aggression on Ukraine as an invasion. Beijing’s line has been to promote negotiationsThis is because China is trying to distance itself from Russia more than what was shown in February at a highly publicized meeting between President Xi Jinping (China) and President Vladimir Putin (Russia).
It U.S., U.K. and European UnionI have scrambled for slap sanctions on RussiaFirst, to try to stop conflict with Ukraine and then to press Putin to end his invasion of Ukraine.
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