Latest news with #UABUrboBankas
The Independent
6 days ago
- Business
- The Independent
China targets 2 Lithuanian banks in response to new EU sanctions
China imposed sanctions on two Lithuanian banks in what it said was retaliation for the European Union including two Chinese financial institutions in its latest round of sanctions against Russia. Lithuania's UAB Urbo Bankas and Mano Bankas AB are prohibited from having any cooperation with individuals or institutions in China, according to a statement Wednesday from the Ministry of Commerce. The European Union adopted a new round of sanctions against individuals and companies supporting Russia in its war with Ukraine in July, which went into effect August 9. Among them were multiple Chinese companies, although China's Ministry of Commerce did not name which financial institutions were affected. 'The EU, disregarding China's solemn position, insisted on adding two Chinese financial institutions to its sanctions list for alleged involvement in Russia, and formally implemented the sanctions on August 9," said the statement. It added the move "severely damages the legitimate rights and interests of Chinese companies, and has a serious negative impact on China-EU economic and trade relations and financial cooperation." NATO has in the past called China a 'decisive enabler' of Russia's war effort as its companies sold tools, equipment and microelectronics.
Qatar Tribune
6 days ago
- Business
- Qatar Tribune
China targets 2 EU banks in response to new sanctions
Agencies China announced countermeasures on Wednesday and imposed sanctions on two banks in the European Union, in retaliation for the bloc including two Chinese financial institutions in its latest round of sanctions against Russia. Effective immediately, Lithuanian banks UAB Urbo Bankas and AB Mano Bankas are banned from carrying out transactions and cooperation with organizations and individuals within China, according to a statement from the Ministry of Commerce. 'We hope that the EU will cherish the long-term good cooperative relations formed between China and the EU and its member states in the fields of economy, trade and finance,' the ministry said in a separate statement. It also called on the EU to 'correct wrongdoings' and stop harming China's interests and undermining China-EU cooperation. The EU's sanctions against Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank were implemented from Aug. 9, its document showed. China has previously said the EU's accusations against the two banks were 'groundless.' The EU's move to add Chinese firms to its Russia sanctions package in July has become a point of contention as ties between the bloc and the world's second-largest economy remain rocky. European Commission President Ursula von der Leyen said trade ties have hit a 'clear inflection point' after a summit with top Chinese leaders in Beijing last month. Discussions highlighted concerns on commerce, but the EU had also pressed China to discourage Russia in its war against Ukraine during the meeting.
Bloomberg
7 days ago
- Business
- Bloomberg
China Sanctions Two EU Banks, Hitting Back at Europe's Moves
China sanctioned a pair of banks in the EU, fulfilling a promise to retaliate after the bloc targeted some Chinese lenders over Russia's invasion of Ukraine. China included UAB Urbo Bankas and AB Mano Bankas in its countermeasure list, the Ministry of Commerce said in a statement on Wednesday. The move bans organizations and individuals in China from transactions, cooperation and other activities with the institutions.
Mint
7 days ago
- Business
- Mint
China Sanctions Two EU Banks, Hitting Back at Europe's Measures
China sanctioned a pair of banks in the EU, fulfilling a promise to retaliate after the bloc targeted some Chinese lenders over Russia's invasion of Ukraine. China included UAB Urbo Bankas and AB Mano Bankas in its countermeasure list, the Ministry of Commerce said in a statement on Wednesday. The move bans organizations and individuals in China from transactions, cooperation and other activities with the institutions. In a separate statement, the ministry said it hoped the EU would cherish its relationship with China, correct its wrongdoing and stop harming the nation's interests. Last month, the European Union sanctioned two Chinese banks and five companies based in the Asian nation as part of the latest round of measures against Moscow. The EU said the banks were listed for providing cryptocurrency services that were frustrating the purpose of the sanctions. China's close ties with Russia had subjected its banks to similar sanctions from the US before, prompting them to re-evaluate businesses and clients. Some of its state-owned banks tightened curbs on funding to Russian clients early last year, after the US authorized secondary sanctions on overseas financial firms that aid Moscow's war effort. China and Lithuania have been at odds in the past. Last year, Lithuania expelled three Chinese embassy employees, saying they weren't accredited. Beijing had earlier downgraded its diplomatic ties with the Baltic nation in response to Lithuania's decision to allow the opening of a Taiwan representative office in Vilnius. Ties between Beijing and Brussels have been strained in recent years, largely due to China's support for Russia's war in Ukraine. This article was generated from an automated news agency feed without modifications to text.
7 days ago
- Business
China targets 2 Lithuanian banks in response to new EU sanctions
BEIJING -- China imposed sanctions on two Lithuanian banks in what it said was retaliation for the European Union including two Chinese financial institutions in its latest round of sanctions against Russia. Lithuania's UAB Urbo Bankas and Mano Bankas AB are prohibited from having any cooperation with individuals or institutions in China, according to a statement Wednesday from the Ministry of Commerce. The European Union adopted a new round of sanctions against individuals and companies supporting Russia in its war with Ukraine in July, which went into effect August 9. Among them were multiple Chinese companies, although China's Ministry of Commerce did not name which financial institutions were affected. 'The EU, disregarding China's solemn position, insisted on adding two Chinese financial institutions to its sanctions list for alleged involvement in Russia, and formally implemented the sanctions on August 9," said the statement. It added the move "severely damages the legitimate rights and interests of Chinese companies, and has a serious negative impact on China-EU economic and trade relations and financial cooperation." NATO has in the past called China a 'decisive enabler' of Russia's war effort as its companies sold tools, equipment and microelectronics.
