The European Union’s (EU) new round of sanctions against individuals and companies supporting Russia in its war with Ukraine, including two Chinese financial institutions, have been met with strong retaliation from China in the form of sanctions on two Lithuanian banks.
Lithuania’s UAB Urbo Bankas and Mano Bankas AB have been prohibited from having any collaboration with individuals or institutions in China, according to a statement from the Ministry of Commerce on Wednesday.
“The EU, disregarding China's solemn position, insisted on adding two Chinese financial institutions to its sanctions list for alleged involvement in Russia, and formally implemented the sanctions on August 9,” said the statement.
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The European Union has been persistent in sanctioning individuals and companies supporting Russia in its war with Ukraine, bringing India, China and other nations into the sanction realm.
Among them are multiple Chinese companies, although the Ministry of Commerce did not name which financial institutions had been affected.
The ministry did add that the move “severely damages the legitimate rights and interests of Chinese companies, and has a serious negative impact on China-EU economic and trade relations and financial cooperations.
In the past, NATO has called China a “decisive enabler” of Russia’s war effort as its companies sold tools, equipment and microelectronics.
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