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.



Congo and Rwanda Submit Draft Peace Proposal, Trump Adviser Says

 A charcoal street vendor waits for customers at Kituku market on the bank of Lake Kivu, in Goma, which is controlled by M23 rebels, in North Kivu province of the Democratic Republic of Congo, March 25, 2025. (Reuters)
A charcoal street vendor waits for customers at Kituku market on the bank of Lake Kivu, in Goma, which is controlled by M23 rebels, in North Kivu province of the Democratic Republic of Congo, March 25, 2025. (Reuters)
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Congo and Rwanda Submit Draft Peace Proposal, Trump Adviser Says

 A charcoal street vendor waits for customers at Kituku market on the bank of Lake Kivu, in Goma, which is controlled by M23 rebels, in North Kivu province of the Democratic Republic of Congo, March 25, 2025. (Reuters)
A charcoal street vendor waits for customers at Kituku market on the bank of Lake Kivu, in Goma, which is controlled by M23 rebels, in North Kivu province of the Democratic Republic of Congo, March 25, 2025. (Reuters)

Congo and Rwanda have submitted a draft peace proposal as part of a process meant to end fighting in eastern Congo and attract billions of dollars of Western investment, US President Donald Trump's senior adviser for Africa said on Monday.

It is the latest step in an ambitious bid by the Trump administration to end a decades-long conflict in a region rich in minerals including tantalum, gold, cobalt, copper and lithium.

The two countries' foreign ministers agreed last month, at a ceremony in Washington alongside US Secretary of State Marco Rubio, to submit the draft proposal by May 2.

But neither Kinshasa nor Kigali has publicly confirmed doing so, and Rwandan Foreign Minister Olivier Nduhungirehe said on Saturday on X that the two sides' contributions "have not yet been consolidated."

Massad Boulos, who is Trump's senior adviser for Africa and the Middle East, said on X on Monday that he welcomed "the draft text on a peace proposal received from both DRC and Rwanda," describing it as "an important step" towards peace.

Washington wants to move quickly. In an interview with Reuters last week, Boulos said the plan was for Rubio to meet in mid-May in Washington with his Rwandan and Congolese counterparts in an effort to agree on a final draft peace accord.

Before that accord can be signed, Boulos said, Rwanda and Congo must finalize bilateral economic agreements with Washington that will see US and Western companies invest billions of dollars in Congolese mines and infrastructure projects to support mining in both countries, including the processing of minerals in Rwanda.

The hope is that all three agreements can be signed in about two months, and on the same day, at a ceremony attended by Trump, Boulos said.

FIGHTING CONTINUES

The diplomacy comes amid an advance by Rwandan-backed M23 rebels in eastern Congo that has killed thousands and displaced hundreds of thousands more.

The United Nations and Western governments say Rwanda has provided arms and troops to M23. Rwanda denies backing M23 and says its military has acted in self-defense against Congo's army and a militia founded by perpetrators of the 1994 genocide.

Congolese President Felix Tshisekedi's government is engaged in separate talks with M23 facilitated by Qatar.

Last month Congo and the rebels agreed to work towards peace, but sources in the two delegations have expressed frustration with the pace of negotiations.

M23 is not involved in the talks in Washington, though Lawrence Kanyuka, spokesperson for the rebel alliance that includes M23, told Reuters last week that "we encourage any peace initiative."

Meanwhile, fighting in eastern Congo continues. Mak Hazukay, a spokesperson for Congo's army, on Saturday accused M23 of seizing the town of Lunyasenge on Lake Edward and said Congo "reserves the right to retaliate".