China won’t join Russia sanctions, banking regulator says

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, attends a press conference of the State Council Information Office on promoting the high-quality development of the banking and insurance industry on March 2, 2021 in Beijing.

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

“Everyone is watching the recent military conflict, or war, between Russia and Ukraine,” Guo Shuqing, chairman of China’s Banking and Insurance Regulatory Commission, told a news conference in Mandarin. , according to a CNBC translation. “China’s position has been clearly stated by the Foreign Ministry. Our international policies are consistent.

“As for financial sanctions, we don’t support that,” Guo said, noting particular opposition to “one-sided” sanctions, which he said do not effectively address issues. “China will not join in such sanctions.”

Guo is also Communist Party of China secretary of the People’s Bank of China, the country’s central bank. He added on Wednesday that he hoped all parties would maintain normal economic exchanges and that the sanctions had so far had no apparent impact on China.

The Chinese Foreign Ministry has refused to call Russia’s attack on Ukraine an invasion. Beijing’s line has been to promote negotiations, as China attempts to position itself further away from Russia than portrayed in early February during a high-profile meeting between Chinese President Xi Jinping and Russian President Vladimir Putin.

The United States, United Kingdom, European Union and Japan rushed to impose sanctions on Russia, first to try to prevent a conflict with Ukraine, then to pressure Putin to stop his invasion of Ukraine.

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