The European Union called to China to withdraw sanctions introduced by two Lithuanian banks, after Beijing reacted to EU-related EU-related banks in Ukraine.
China introduced the sanctions of Urbo Bank and Mano bank this week, although they do not have business in China, which made the measure mainly symbolic. However, this move further emphasizes the growing gap between Brussels and Beijing due to the Chinese support Moscow.
In Brussels, the Peter’s Spokesperson Olof Gil defended EU sanctions against Chinese banks, emphasizing that those “key tools for reducing the effectiveness of Russian war machinery”.
“China must respect the reasons we stated. We believe that the countermeasures do not have any justification or evidence based, and that is why we invite them to withdraw them,” Gil said.
The latest package of EU Sanctions against Russia, adopted by July 9. August, has included Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank, which, provided Moscow to bypass the restrictions.
The Chinese Ministry, explaining the sanctions to Lithuanian banks, stated that EU measures have a “seriously negative impact on China and EU economic and trade relations”.
From Lithuanian banks and governments, the decision of Beijing was not expected, but that it will not have a serious practical effect, inserts me investor.
“According to the preliminary assessment, this decision will not significantly affect the country’s financial system, nor to the work of the banks themselves, because their business models are oriented to the domestic market,” said Central Bank Lithuania.
The director of the Urbo Bank administration, Marius Arlauskas, also stressed that sanctions will not affect the business as the bank has no business connection with Chinese natural or legal persons.
Lithuania has been on target of Chinese dissatisfaction for years. Beijing is 2021. expelled Lithuanian ambassadors after Vilnius allowed Taiwan to open an office in the capital. Last year, Lithuania banished Chinese diplomats after the ship from China reached suspicion during the investigation into the intersection of the underwater cables between Lithuania and Sweden.
