China Won’t Join Russia Sanctions, Banking Regulator Warns

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After urging ceasefire talks between Ukraine and Russia, China on Wednesday announced that it would not join the West in imposing sanctions on Russia.

The announcement was made by China’s banking and insurance regulator Guo Shuqing during a press briefing on Wednesday.

“Everyone is watching recent military conflict, or war, between Russia and Ukraine,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said during a press conference in Mandarin.

“China’s position has been stated clearly by the Ministry of Foreign Affairs. Our international policies are consistent.” “Regarding financial sanctions, we do not support that,” said Guo, noting particular opposition to “unilateral” sanctions, which he said don’t effectively address problems. “China won’t join such sanctions.“

Guo also happens to be the CCP’s secretary of the People’s Bank of China, the PRC’s central bank. He added on Wednesday that he hopes all sides will maintain ‘normal economic exchanges’ and insisted that the sanctions have had no apparent impact on China so far.

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