China Will Not Join Sanctions on Russia: CBIRC Chairman

China will not join in sanctions on Russia, the country’s banking regulator said on Wednesday, adding that he believed the impact of the measures on China would be limited.

“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 said.

China, which has refused to condemn Russia’s invasion of Ukraine, has repeatedly criticised what it calls illegal and unilateral sanctions.

Commenting on the resilience of China’s economy and financial sector, Guo said, “The impact from the sanctions on China’s economy and financial sector is so far not too significant. Overall they will not have much impact (on China) even in the future.”

Total trade between the China and Russia 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. 

“We will not participate in such sanctions. We will continue to maintain normal economic and trade exchanges with relevant parties,” he said.

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