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China threatens response to EU sanctions on banks

China has expressed strong dissatisfaction with the inclusion of Chinese companies and financial institutions in the EU’s 18th package of sanctions against Russia, said a representative of the Chinese Ministry of Commerce, commenting on the relevant decision taken by Brussels on Friday.

Beijing noted that the sanctions were imposed on “fabricated charges” despite repeated protests from China. Such actions, the ministry stressed, are contrary to international law, are not authorised by the UN Security Council and undermine agreements between the Chinese and EU leadership.

“The actions of the European side run counter to the spirit of consensus between the leaders of China and the EU and have a serious negative impact on economic and trade relations and financial cooperation between China and the EU,” the statement said.

China called on the EU to immediately stop adding Chinese companies to sanctions lists and promised to take “necessary measures” to protect the legitimate rights and interests of its organisations.

The European Union agreed on a new package of sanctions on the morning of July 18. EU High Representative for Foreign Affairs and Security Policy Kaja Kallas, calling it “one of the toughest,” noted that the new restrictive measures would allow the EU to increase “pressure on the Russian military industry and Chinese banks.” The latter, according to Kallas, allow sanctions to be circumvented and also block the export of technologies used for drones.

Under the 18th package, Chinese companies Bellatrix Energy, Zhu Jiang Shipmanagement, ACE Electronic HK (registered in Hong Kong), Wuhan Global Sensor Technology and Shandong ODES Industry have been hit by European sanctions. A total of 14 individuals and 41 legal entities were sanctioned.

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