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China will not join sanctions on Russia, banking regulator says -Breaking

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© Reuters. Guo Shuqing (Chairman of China Banking and Insurance Regulatory Commission) attends a press conference in Beijing on March 2, 2021. REUTERS/Tingshu Wang

BEIJING, (Reuters) – China won’t join sanctions against Russia, which have been led the West. The country’s bank regulator stated Wednesday that China was not likely to do so, and that he believes the effects of these measures will be minimal.

China, which refused to condemn Russia’s invasion in Ukraine, has repeatedly condemned what it called illegal and unilateral sanction.

Guo Shuqing (chair of China Banking and Insurance Regulatory Commission) stated that financial sanctions, particularly unilaterally initiated ones, are not approved of.

We will not take part in these sanctions. He stated that we will maintain our normal economic and commercial exchanges with the relevant parties.”

In recent years Russia and China have become closer as trading partners. China customs data shows that total trade between Russia, China and Russia increased by 35.9% in the last year, reaching a record $146.9billion. Russia serves as an important source of oil gas, coke, and agricultural commodities. China enjoys a large trade surplus.

Guo said that the impact of sanctions on China’s financial and economic sectors is not yet too substantial.

Guo stated that “Overall, they won’t have much impact (on China), even in the long-term,” citing China’s resilience and its financial sector.

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