EU includes Chinese banks in 18th package of sanctions against Russia: Beijing promises response

China plans to take action to include several Chinese banks in the EU’s 18th sanctions package against Russia.

This was reported in Bloomberg.

China’s Ministry of Commerce has threatened to take measures to “protect the legitimate rights and interests of Chinese companies and financial institutions” in response to the EU’s 18th round of sanctions, which has targeted some Chinese banks and companies for the first time.

Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank were hit by European sanctions.

Senior Chinese officials stressed that the new restrictions have “seriously damaged” trade, economic and financial ties between China and the EU.

It is noted that the EU had previously proposed adding Chinese banks to the sanctions list because they assisted Russia in processing transactions and in “providing export financing for trade operations” to circumvent sanctions.

China previously warned that the introduction of sanctions could affect the EU-China summit to mark the 50th anniversary of diplomatic relations, which is scheduled to take place on July 24-25.

As a reminder, EU ambassadors have approved a new, eighteenth package of sanctions against Russia . The package focuses on reducing the maximum price for Russian oil, as well as limiting Russia’s “shadow fleet.”