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China Imposes Countermeasures on EU Financial Institutions
China has implemented economic countermeasures against two European banks, UAB Urbo Bankas and AB Mano Bankas, in response to the European Union's sanctions targeting Chinese financial institutions. The Ministry of Commerce announced these restrictions on Wednesday, prohibiting all Chinese organizations and individuals from conducting transactions or maintaining business relationships with the affected banks.
Escalating Diplomatic Tensions
This action follows the EU's decision to include two unnamed Chinese financial entities in its sanctions list on August 9, citing alleged connections to Russia. Chinese officials have consistently opposed these measures, arguing they violate international norms and damage bilateral economic cooperation. The ministry spokesperson emphasized that the EU sanctions "seriously violate international law and the basic norms governing international relations" while harming legitimate Chinese business interests.
Geopolitical Context
The sanctions dispute occurs against the backdrop of ongoing tensions between Western nations and Russia. Since Russia's invasion of Ukraine in 2022, the EU has implemented multiple sanctions packages targeting Russian entities and third parties believed to facilitate sanctions evasion. China maintains it has adhered to international regulations while preserving its right to conduct normal trade relations.
Economic Implications
The countermeasures mark a significant escalation in China-EU economic relations. Financial analysts suggest this development could impact cross-border banking operations and European investment in Chinese markets. Both UAB Urbo Bankas and AB Mano Bankas are Lithuania-based institutions specializing in regional commercial banking services.
Appeal for Resolution
Chinese authorities have urged the EU to "correct its wrongful actions" and maintain the cooperative framework that has historically governed China-EU economic relations. The ministry statement cautioned against further measures that might damage mutual interests or undermine financial collaboration between the economic powers.
