China refuses to impose financial sanctions on Russia

BEIJING, March 02 (YPA) – China’s banking regulator has announced that Beijing will not join the US and European governments in imposing financial sanctions on Russia.

Head of the China Banking and Insurance Regulatory Commission, Guo Zhou Qing, said Beijing did not agree to the sanctions, which he described as lacking a legal basis and “will not have a good effect”.

Qing added in a press conference: “We will not join such sanctions and will continue to carry out economic, commercial and financial exchanges as usual with all concerned parties. We reject financial sanctions.”

China is a big buyer of Russian oil and gas and is the only major government that has refrained from condemning the military operation in Ukraine.

YPA