Latest news with #AntiForeignSanctionsLaw
Al Bawaba
3 days ago
- Business
- Al Bawaba
China sanctions two Lithuanian banks in retaliation for EU measures over Russia
ALBAWABA- China has imposed sanctions on two Lithuanian banks, barring them from conducting any transactions or cooperation with Chinese organizations and individuals, in a direct retaliation against the European Union's latest Russia-related sanctions. The Ministry of Commerce (MOFCOM) announced on Wednesday that UAB Urbo Bankas and AB Mano Bankas have been placed on its countermeasures list under China's Anti-Foreign Sanctions Law. The move prohibits any financial dealings, partnerships, or other activities involving the two institutions within China. China sanctions two banks in the EU, fulfilling a promise to retaliate after the bloc targeted some Chinese lenders over Russia's invasion of Ukraine — Bloomberg (@business) August 13, 2025 The decision follows the EU's July 18 move to add two Chinese financial institutions to its 18th round of sanctions targeting entities linked to Russia's invasion of Ukraine. Also Read Elon Musk Grok chatbot faces brief suspension drama on X MOFCOM accused Brussels of 'seriously violating international law' and 'damaging the legitimate rights and interests of Chinese companies.' Both sanctioned banks are based in Lithuania, one of Beijing's most outspoken critics within the EU, and a country previously targeted by Chinese economic measures after strengthening ties with Taiwan. China said the action is intended to 'safeguard sovereignty, security, and development interests' and warned it would respond firmly to any further 'unjustified' sanctions targeting Chinese entities.
South China Morning Post
21-05-2025
- Business
- South China Morning Post
China vows to use anti-sanctions law if US ban on Huawei chips enforced
Beijing has vowed to hit back at the United States' attempts to ban Chinese-made chips, warning of legal repercussions if the guidelines are enforced. The Ministry of Commerce has called Washington's measures to prohibit the use of Chinese chips a typical move of 'unilateral bullying and protectionism', according to a statement on Wednesday. 'The US has abused export controls to suppress China, which is a violation of international laws and the principles of international relations. This severely harms the legitimate rights and interests of Chinese enterprises and undermines China's development interests.' Organisations or individuals who enforce or assist in implementing Washington's measures would face legal consequences under China's anti-sanction law, the ministry warned. Passed in 2021, the Anti-Foreign Sanctions Law stipulates that anyone implementing or assisting sanctions against China is subject to prosecution and liable to pay compensation for losses incurred. Beijing would closely monitor the US measures and take bold actions to defend its interests, the ministry said. Last week, the US Bureau of Industry and Security released a set of guidelines banning the use of some Chinese chips globally, including inside China, and restricting the use of US chips to train Chinese artificial intelligence models.
