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.



Trump Rescinds Sanctions on Far-right Israeli Settlers

WASHINGTON, DC - JANUARY 20: US President Donald Trump speaks during inauguration ceremonies in the Rotunda of the US Capitol on January 20, 2025 in Washington, DC. Kevin Dietsch/Getty Images/AFP
WASHINGTON, DC - JANUARY 20: US President Donald Trump speaks during inauguration ceremonies in the Rotunda of the US Capitol on January 20, 2025 in Washington, DC. Kevin Dietsch/Getty Images/AFP
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Trump Rescinds Sanctions on Far-right Israeli Settlers

WASHINGTON, DC - JANUARY 20: US President Donald Trump speaks during inauguration ceremonies in the Rotunda of the US Capitol on January 20, 2025 in Washington, DC. Kevin Dietsch/Getty Images/AFP
WASHINGTON, DC - JANUARY 20: US President Donald Trump speaks during inauguration ceremonies in the Rotunda of the US Capitol on January 20, 2025 in Washington, DC. Kevin Dietsch/Getty Images/AFP

Among other Biden-era executive orders that President Trump rescinded Monday is one that authorizes sanctions on people who undermine peace in the occupied West Bank.
The Biden administration used the executive order to impose a handful of sanctions on extremist settlers accused of using violence against Palestinians who live in the West Bank after violence erupted after Hamas’ Oct. 7, 2023 attacks on Israel.
Settlers in the territory have celebrated the incoming Trump administration, believing it will take a more favorable approach to illegal settlements. During his first term, Trump took unprecedented steps to support Israel’s territorial claims, including recognizing Jerusalem as its capital and moving the US Embassy there, and recognizing Israel’s annexation of the Golan Heights.