China Will Not Join Sanctions on Russia, Banking Regulator Says

Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC), attends a news conference in Beijing, China, March 2, 2021. (Reuters)
Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC), attends a news conference in Beijing, China, March 2, 2021. (Reuters)
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China Will Not Join Sanctions on Russia, Banking Regulator Says

Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC), attends a news conference in Beijing, China, March 2, 2021. (Reuters)
Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC), attends a news conference in Beijing, China, March 2, 2021. (Reuters)

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.

China, which has refused to condemn Russia's invasion of Ukraine, has repeatedly criticized what it calls illegal and unilateral sanctions.

"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, chairman 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.

China and Russia have grown increasingly close in recent years, including as trading partners. Total trade between the two jumped 35.9% last year to a record $146.9 billion, according to Chinese customs data, with Russia serving as a major source of oil, gas, coal and agriculture commodities, running a trade surplus with China.

"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.



Pope Had a Peaceful Night After Pneumonia Diagnosis, Vatican Says

People walk outside the Gemelli Hospital, where Pope Francis is admitted to continue treatment for a respiratory tract infection, in Rome, Italy, February 18, 2025. (Reuters)
People walk outside the Gemelli Hospital, where Pope Francis is admitted to continue treatment for a respiratory tract infection, in Rome, Italy, February 18, 2025. (Reuters)
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Pope Had a Peaceful Night After Pneumonia Diagnosis, Vatican Says

People walk outside the Gemelli Hospital, where Pope Francis is admitted to continue treatment for a respiratory tract infection, in Rome, Italy, February 18, 2025. (Reuters)
People walk outside the Gemelli Hospital, where Pope Francis is admitted to continue treatment for a respiratory tract infection, in Rome, Italy, February 18, 2025. (Reuters)

Pope Francis spent a peaceful fifth night in hospital and ate breakfast on Wednesday, the Vatican said in its latest update on the pontiff's fragile health.

Francis has the onset of double pneumonia, the Vatican said on Tuesday, complicating treatment for the 88-year-old pope who was admitted to Rome's Gemelli hospital on February 14.

Double pneumonia is a serious infection that can inflame and scar both lungs and makes breathing more difficult.

The Vatican had said previously that the pope had a polymicrobial infection, which occurs when two or more micro-organisms are involved, adding that he would stay in hospital as long as necessary to tackle a "complex clinical situation".

The pope has been plagued by ill health in recent years, including regular bouts of flu, sciatica nerve pain and an abdominal hernia that required surgery in 2023. As a young adult he developed pleurisy and had part of one lung removed.

All the pope's public engagements have been cancelled through Sunday and he has no further official events on the Vatican's published calendar.