Guo Shuqing, the chairman of the China Banking and Insurance Regulatory Commission, on Wednesday, spoke at a news conference saying “We will not join such sanctions, and we will keep normal economic, trade and financial exchanges with all the relevant parties. We disapprove of the financial sanctions, particularly those launched unilaterally, because they don’t have much legal basis and will not have good effects”.
At the same time, he noted that the sanctions on Russia are not likely to have much impact on China’s economy, even down the line.
Earlier too, China’s Ministry of Foreign Affairs had criticized the sanctions imposed on Russia by NATO countries. The foreign ministry spokesperson Hua Chunying had said at the time, “We believe that sanctions are never the fundamental and effective way to solve problems. China always opposes any illegal unilateral sanctions”.
Notably, China and Russia have grown diplomatically closer with the former relying on the latter for gas and oil, as per Reuters. The two heads of state, Vladimir Putin and Xi Jinping, also met during the Beijing Winter Olympics promising to have a united front against western allies.
Thus far, China has refused to label Russian action in Ukraine as an “invasion“. Even prior to Putin sending in his troops, when other countries were urging nationals to leave Ukraine, China issued no such directive. However, the nation has begun the evacuation process now.
Recently, China also expressed sorrow over the loss of life in Ukraine. However, it has remained neutral in the entire matter, urging diplomatic talks to take place. Ukraine called on China’s help to mediate with Moscow for a ceasefire, to which the nation doubled down on its desire to reach a peaceful solution.