China launches countermeasures against two EU financial institutions
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
China’s commerce ministry on Wednesday announced countermeasures against two financial institutions in the European Union (EU) after the EU listed two Chinese financial institutions in its sanctions against Russia.
Organizations and individuals in China are prohibited from engaging in related transactions, cooperation and other activities with the two EU financial institutions, namely UAB Urbo Bankas and AB Mano Bankas, the ministry said, citing the country’s Anti-Foreign Sanctions Law and the regulation on implementing the law.
The EU’s sanctions, effective from Aug. 9, have seriously violated international law and the basic norms of international relations, severely harmed the legitimate rights and interests of Chinese enterprises, and caused serious negative impacts on China-EU economic and trade relations and financial cooperation, it said.
China hopes that the EU side will cherish the long-standing cooperative relationship forged between China and the EU as well as its members in the economic, trade and financial sectors, correct its wrongdoings, and stop undermining the interests of China as well as China-EU cooperation, said the ministry.
Reference Link:- https://english.news.cn/20250813/2e07b5b4fdea4b9da90957420c288830/c.html
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
