China imposes counter-sanctions on two EU banks

This was reported by Bloomberg.

China has added UAB Urbo Bankas and AB Mano Bankas to its list of countermeasures, the Ministry of Trade said on Wednesday. This move prohibits organisations and individuals in China from conducting transactions, cooperating and engaging in other activities with these institutions.

In a separate statement, the ministry expressed hope that the EU would assess its relations with China, correct its mistakes and stop harming China's interests.

Last month, the European Union imposed sanctions on two Chinese banks and five China-based companies as part of the latest round of measures against Moscow. The EU said the banks were on the list for providing cryptocurrency services that make it harder to enforce sanctions.

China's close ties with russia have already led to US sanctions, forcing Chinese banks to review their business and customers. Some of China's state-owned banks began restricting financing for russian clients early last year after the US authorised secondary sanctions against foreign financial institutions that help russia in the war.

Source: Economic Pravda, Bloomberg