China won't join banking sanctions against Russia

March 02, 2022 18:58

Amid the ongoing military operations in Ukraine, China restrained itself from putting sanctions against Russia, and will continue to maintain financial cooperation with all parties, media reported citing bank official on Wednesday.

Guo Shuqing, the head of the China Banking and Insurance Regulatory Committee, said: "We will not join such sanctions, and we will continue to maintain normal trade, economic and financial ties with the relevant parties," reported Sputnik News Agency.

Meanwhile, Russia's largest lender, Sberbank is leaving almost all European markets, in a major move that comes amid pressure from Western sanctions levelled against Russia's largest lender in response to Moscow's invasion of Ukraine.

The European Union is now moving to cut off seven Russian banks from SWIFT, including VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank, and VEB.RF, Sputnik reported. -- ANI

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