China won't join West's sanctions on Russia
China will not join in
sanctions on Russia that have been led by the West, the country's banking
regulator said on Wednesday, adding that he believed the impact of the measures
on China would be limited.
China, which has refused to condemn Russia's invasion of Ukraine, has repeatedly criticised what it calls illegal and unilateral sanctions.
"As far as financial sanctions are concerned, we do
not approve of these, especially the unilaterally launched sanctions because
they do not work well and have no legal grounds," Guo Shuqing, chairman of
the China Banking and Insurance Regulatory Commission, told a news conference.
"We will not participate in such sanctions. We will
continue to maintain normal economic and trade exchanges with relevant
parties," he said.
China and Russia have grown increasingly close in recent years, including as
trading partners. Total trade between the two jumped 35.9% last year to a
record $146.9 billion, according to Chinese customs data, with Russia serving
as a major source of oil, gas, coal and agriculture commodities, running a
trade surplus with China. read more
"The impact from the sanctions on China's economy and
financial sector is so far not too significant," Guo added.
"Overall they will not have much impact (on China)
even in the future," Guo said, citing the resilience of China's economy
and financial sector.