Brussels has targeted two Chinese banks and several companies for allegedly enabling evasion of Ukraine-related restrictions
The EU’s decision to include Chinese companies and financial institutions in the latest round of sanctions against Russia is baseless, China’s Ministry of Commerce has said, stressing that Beijing will protect the targeted companies.
On Friday, Brussels blacklisted two Chinese banks and five companies as part of the 18th sanctions package against Russia over the Ukraine conflict, claiming that they helped circumvent earlier sanctions.
“China has consistently opposed unilateral sanctions that lack a basis in international law and are not authorized by the UN Security Council,” a spokesperson for the ministry told journalists on Monday, warning that the EU’s move will severely impact bilateral trade, as well as economic and financial cooperation.
The ministry called for an immediate halt to “the erroneous practice,” adding that China will “take necessary measures to resolutely safeguard the legitimate rights and interests” of its sanctioned businesses.
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Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank were included in the EU sanctions list for allegedly providing cryptocurrency services which, according to Brussels, were “frustrating the purpose of the sanctions” on Russia. This is the first time Chinese lenders have been added to the EU sanctions list since the escalation of the Ukraine conflict in February 2022.
The latest round of EU sanctions also targets seven UAE-based enterprises accused of engaging in oil trading or ship management services supporting Russian exports. Nayara Energy, an Indian oil refinery in which Russia’s Rosneft holds a 49% stake, was also included.
In addition, the bloc sanctioned eight Belarusian-based companies in the military-industrial sector, claiming that they support Russia through manufacturing or facilitating military technologies. Four Turkish companies were also targeted for allegedly supplying dual-use goods and technologies that could support Russia’s military-industrial complex.
Kremlin spokesman Dmitry Peskov described the EU’s latest sanctions as a “double-edged sword,” warning that “each new package adds a negative effect for the countries joining it.” He stressed that Russia has already developed “a certain immunity” to the “illegal” Western sanctions.