China imposed sanctions on two Lithuanian banks in what it said was retaliation for the European Union including two Chinese financial institutions in its latest round of sanctions against Russia.
Lithuania’s UAB Urbo Bankas and Mano Bankas AB are prohibited from having any cooperation with individuals or institutions in China, according to a statement on Wednesday from the Ministry of Commerce.
The European Union (EU) adopted a new round of sanctions against individuals and companies supporting Russia in its war with Ukraine in July, which went into effect on August 9. Among them were multiple Chinese companies, although China’s Ministry of Commerce did not name which financial institutions were affected.
“The EU, disregarding China’s solemn position, insisted on adding two Chinese financial institutions to its sanctions list for alleged involvement in Russia, and formally implemented the sanctions on August 9,” said the statement.
It added that the move “severely damages the legitimate rights and interests of Chinese companies, and has a serious negative impact on China-EU economic and trade relations and financial cooperation.”
NATO has in the past called China a “decisive enabler” of Russia’s war effort as its companies sold tools, equipment and microelectronics.
