China bans institutions and individuals from doing business with two EU banks
Stockholm, August 13 (Hibya) – According to a statement from China’s Ministry of Commerce, Chinese authorities on Wednesday imposed retaliatory sanctions on two EU financial institutions.
According to the ministry’s online statement, Chinese institutions and individuals will be prohibited from doing business with UAB Urbo Bankas and AB Mano Bankas.
The text of the statement, published Wednesday on the ministry’s official website, noted that the European Union had previously approved its 18th package of sanctions against Russia, which specifically affected two financial institutions in China. In response to the EU’s actions, China decided to impose counter-sanctions.
The statement said: “Chinese organizations and individuals are prohibited from carrying out the relevant operations and cooperating with them.”
Both banks are from Lithuania, one of Beijing’s harshest critics in Europe, which had previously been subject to Chinese economic sanctions after seeking closer ties with Taiwan.
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