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)
TT

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.



Khamenei Says Israel Initiated a War as Iran Fires Missiles in Retaliation

 Smoke rises after a missile attack in Tel Aviv, Israel, Friday, June 13, 2025. (AP)
Smoke rises after a missile attack in Tel Aviv, Israel, Friday, June 13, 2025. (AP)
TT

Khamenei Says Israel Initiated a War as Iran Fires Missiles in Retaliation

 Smoke rises after a missile attack in Tel Aviv, Israel, Friday, June 13, 2025. (AP)
Smoke rises after a missile attack in Tel Aviv, Israel, Friday, June 13, 2025. (AP)

Iran's Supreme Leader Ali Khamenei said in a statement on Friday that Israel initiated a war and said it will not be allowed to do "hit and run" attacks without grave consequences.

"The Zionist regime (Israel) will not remain unscathed from the consequences of its crime. The Iranian nation must be guaranteed that our response will not be half-measured," Khamenei said in a statement.

Israel launched blistering attacks on the heart of Iran's nuclear and military structure Friday, deploying warplanes and drones previously smuggled into the country to attack key facilities and kill top generals and scientists -- a barrage it said was necessary before its adversary got any closer to building an atomic weapon.

Iran’s state news agency reported that Iran fired hundreds of ballistic missiles toward Israel as part of its retaliation for Israel's Friday attack.

IRNA said the Iranian military had dubbed its operation "Severe Punishment."

Explosions were heard over Tel Aviv and Jerusalem as sirens sounded across Israel following what the country's military spokesman said was the firing of missiles from Iran. 

The ongoing military and intelligence operation raised the potential for all-out war between Iran and Israel and propelled the region, already on edge, into even greater upheaval.