China is targeting two European Union banks, repaying Russian BLOC sanctions packages

China has overcome two banks in the European Union, in response to the block that placed two Chinese financial institutions on the list of Russian -related sanctions, the Ministry of Trade said on Wednesday.

Effectively immediately, Bank Lithuania UAB Urbo Bankas and AB Mano Bankas are prohibited from conducting transactions and cooperation with organizations and individuals in China, the Ministry’s statement shows.

“We hope that the EU will appreciate the long-term good cooperation relations that are formed between China and the European Union and its member countries in the fields of economics, trade and finance,” the ministry said in a separate statement.

It also asked the EU to “correct mistakes”, and stop harming Chinese interests and damaging Chinese-Eue cooperation.

European Union sanctions against Rural Commercial Banks Heihe and Heilongjiang Suifenhe Rural Commercial Bank were carried out from August 9, the document showed.

China previously said the European Union accusations against the two banks were “baseless”.

The European Union step to add Chinese companies to the Russian sanctions package in July has become a fight point as a bond between the second largest block and the economy in the world remains rocky.

European Commission President Ursula von der Leyen said that trade relations had reached a “clear turn point” after the top of the top of Top Chinese leaders in Beijing last month.

The discussion highlighted concerns about trade but the European Union had also urged China to prevent Russia in its war against Ukraine during the meeting.

China, who shared the partnership of “no restrictions” with Russia, always maintains its lines to find the political settlement of the Ukraine crisis.
Source: Reuters