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China Won’t Join Sanctions Against Russia, Banking Regulator Says

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On Wednesday, China’s banking and insurance regulator said that the country opposes financial sanctions against Russia and will not join them

China’s banking and insurance regulator, Guo Shuqing, says everyone has been watching the recent military conflict, or war, between Russia and Ukraine, according to a CNBC translation. China’s Ministry of Foreign Affairs has stated its position clearly. “Our international policy is consistent.”

Must Read: China-Ukraine: Will China Join the War With Russia Over Ukraine?

China won’t sanction Russia over Ukraine

Financial sanctions are not supported by the Chinese government, said Guo, citing particular opposition to unilateral sanctions, which do little to solve problems. China will not support such sanctions.

Chinese Communist Party secretary Guo is also the head of the People’s Bank of China, the country’s central bank. The vice-premier added Wednesday that he hopes all sides will maintain normal economic exchanges and that the sanctions have so far had no noticeable impact on China.

Russia’s attack on Ukraine has not been called an invasion by China’s Ministry of Foreign Affairs. As China attempts to position itself further away from Russia than was portrayed during a high-profile meeting between Chinese President Xi Jinping and Russian President Vladimir Putin in early February, Beijing has promoted negotiation.

The United States, the United Kingdom, and the European Union have scrambled to impose sanctions on Russia, first in an effort to prevent conflict with Ukraine and then to pressure Putin to cease his invasion of Ukraine.

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