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.



Iran Turns to Moscow and Beijing to Thwart ‘Snapback’ Sanctions Threat

Sergei Lavrov and Wang Yi met in Beijing on July 13 (Reuters)
Sergei Lavrov and Wang Yi met in Beijing on July 13 (Reuters)
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Iran Turns to Moscow and Beijing to Thwart ‘Snapback’ Sanctions Threat

Sergei Lavrov and Wang Yi met in Beijing on July 13 (Reuters)
Sergei Lavrov and Wang Yi met in Beijing on July 13 (Reuters)

Iran is turning to Russia and China in a bid to head off the potential reimposition of international sanctions, amid escalating tensions over its nuclear program.

Iranian Foreign Minister Abbas Araghchi has held talks with his Chinese and Russian counterparts to discuss the future of the nuclear accord and the possibility that the European troika could trigger the “snapback” mechanism.

Iranian state media reported on Monday that Araghchi arrived in Beijing at the head of an official delegation to attend a meeting of the Shanghai Cooperation Organization’s foreign ministers. The trip comes as debate intensifies within Iran over the stances of Moscow and Beijing, particularly in the aftermath of the recent conflict between Iran and Israel.

Speaking at a press conference, Foreign Ministry spokesman Ismail Baghaei stressed that Gulf security remains a priority for China.

“Araghchi’s visit follows an official invitation from the Chinese Foreign Minister,” he said, adding that the Iranian diplomat will hold bilateral meetings Tuesday on the sidelines of the gathering.

Baghaei emphasized Tehran’s ongoing coordination with both Russia and China, who are parties to the nuclear deal.

“Russia and China have consistently expressed their readiness to play a constructive role in the process related to Iran’s nuclear file, and this continues,” he noted. “We have longstanding, friendly relations with both countries and a strategic partnership.”

Addressing reports that Moscow has privately urged Tehran to halt uranium enrichment, Baghaei said: “We have not received any specific proposal from Russia on this matter.”

In Beijing, China’s Foreign Ministry confirmed that Foreign Minister Wang Yi discussed Iran’s nuclear issue with his Russian counterpart, Sergei Lavrov, alongside other bilateral and international topics.

Meanwhile, Moscow on Sunday denounced a report claiming President Vladimir Putin had urged Iran to accept a deal with the United States that would bar it from enriching uranium. Russia’s Foreign Ministry dismissed the claim as “defamation” aimed at inflaming tensions over the Iranian nuclear program.

According to the American outlet Axios, sources familiar with the issue said Putin recently pressed Iran to agree to “zero enrichment.”

But Russia rebuffed the report as baseless, insisting its position is well known: "Invariably and repeatedly, we have emphasized the necessity of resolving the crisis concerning Iran's nuclear program exclusively through political and diplomatic means, and expressed our willingness to help find mutually acceptable solutions," the ministry statement read.

It added that Moscow stands ready to help broker mutually acceptable solutions.

Since the start of Russia’s invasion of Ukraine in 2022, Moscow has strengthened its ties with Tehran. While publicly backing Iran’s right to enrich uranium, Putin has reportedly adopted a tougher line behind closed doors following the 12-day conflict between Israel and Iran.

According to European and Israeli officials, Moscow has encouraged Tehran to accept a “zero enrichment” compromise and shared this position with Israeli authorities. “We know this is what Putin told the Iranians,” a senior Israeli official confirmed.

Last week, Putin is said to have relayed his stance in calls with US President Donald Trump and French President Emmanuel Macron.