China launches countermeasures against two EU financial institutions

BEIJING, Aug. 13 (Xinhua) -- China's commerce ministry on Wednesday announced countermeasures against two financial institutions in the European Union (EU) after the EU listed two Chinese financial institutions in its sanctions against Russia.

Organizations and individuals in China are prohibited from engaging in related transactions, cooperation and other activities with the two EU financial institutions, namely UAB Urbo Bankas and AB Mano Bankas, the ministry said, citing the country's Anti-Foreign Sanctions Law and the regulation on implementing the law.

The EU's sanctions, effective from Aug. 9, have seriously violated international law and the basic norms of international relations, severely harmed the legitimate rights and interests of Chinese enterprises, and caused serious negative impacts on China-EU economic and trade relations and financial cooperation, it said.

China hopes that the EU side will cherish the long-standing cooperative relationship forged between China and the EU as well as its members in the economic, trade and financial sectors, correct its wrongdoings, and stop undermining the interests of China as well as China-EU cooperation, said the ministry.