CHAIRPERSON of the China Banking and Insurance Regulatory Commission Guo Shuqing has said that his country will not join in sanctions on Russia that have been led by the West.
He told a news conference that China will not participate in such sanctions and instead it will continue to maintain normal economic and trade exchanges with relevant parties.
China has a pragmatic stand on the issue of unilateral and illegal sanctions as it believes sanctions have never been a fundamental and effective way to solve problems.
China, which firmly holds the view that conflicts and issues should be resolved through dialogue and discussion and upholds the principle of cooperative engagement, has categorically stated that the US must not harm the legitimate rights and interests of China and other parties.
It also points out that the United States has imposed sanctions on Russia more than hundred times since 2011 but these did not solve any problem.
The latest sanctions against Moscow are aimed at increasing pressure on Russia to halt its invasion of Ukraine but these have started impacting global economies as the oil has already touched the mark of $110 a barrel.
The United States and other Western countries can withstand an increase in price but it will play havoc with many vulnerable economies that are already badly shaken by the situation created by long drawn Covid-19.
It is also unfortunate that the United States repeatedly resorts to selective and discriminatory use of sanctions against other countries.
China also has bitter experience of sanctions as the United States has been imposing sanctions on the pretext of human rights violations and trade practices.
It was with this in view that China has passed legislation on “countering foreign sanctions”, which is part of Beijing’s plan to push back more forcefully against foreign sanctions as they become an increasingly common tool in the US-China competition.
Pakistan also faced highly discriminatory sanctions especially in the context of its nuclear programme, which were relaxed only when the US needed the country’s services for Afghan Jihad.
The world has become highly interdependent and, in some cases, poor and developing countries face more problems due to sanctions than the targeted nations and therefore, the West should reconsider its policy.