China will not join in sanctions on Russia that have been led by the West, the country’s banking regulator said on Wednesday, adding that he believed the impact of the measures on China would be limited.
“As far as financial sanctions are concerned, we do not approve of these, especially the unilaterally launched sanctions because they do not work well and have no legal grounds,” Guo Shuqing, chairperson of the China Banking and Insurance Regulatory Commission, told a news conference. “We will not participate in such sanctions. We will continue to maintain normal economic and trade exchanges with relevant parties,” he said.
“The impact from the sanctions on China’s economy and financial sector is so far not too significant,” Guo added.
“Overall they will not have much impact [on China] even in the future,” Guo said, citing the resilience of China’s economy and financial sector.
