China will not join sanctions on Russia, their banking regulator said. The sanctions took effect with the aim to punish Russia for intervening in the U.S. presidential election, meddling in the war in Ukraine, and its annexation of Crimea. While China hasn’t stated their opinions on the sanctions, they have already upheld international treaties that forbid military interventions unless there’s a UN mandate or authorizations by regional organizations such as NATO.
China will not participate in western sanctions on Russia. In 2017, China even surpassed the U.S. to become the world’s leading importer. Last year, China imported 11.8 million barrels per day, outpacing the United States, which imports 9.1 million barrels per day, according to data from BP’s Statistical Review of World Energy and the second-largest importer of Russian goods.
China will not co-ove along with sanctions on Russia, says the chairman of China Banking and Insurance Regulatory Commission, Guo Shuqing. “As far as financial sanctions are concerned, we do not approve of these,” Guo said
Banking regulators said that China will not be joining the sanctions on Russia. They will continue to maintain normal economic and trade exchanges with relevant parties.
The impact from the sanctions on China’s economy and financial sector is so far not too significant, according to Guo. Relying on their resilience of China’s economy and financial sector, Such sanctions will not have much impact on China even in the future.
