China Urges EU to Lift Sanctions on Banks Ahead of High-Level Summit
One hour ago — With a major China-EU summit approaching, Beijing has called on the European Union to revoke sanctions imposed on two Chinese banks, warning against what it described as unfounded and unilateral actions linked to the Ukraine conflict.
During a video conference held Tuesday, Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic discussed trade relations and ongoing challenges. According to China’s Ministry of Commerce, the conversation was described as “frank and in-depth.”
The meeting comes just days before the China-EU summit scheduled for Thursday in Beijing. European leaders are expected to press China on sensitive issues, including critical mineral exports and Beijing’s stance on Russia’s war in Ukraine.
Minister Wang used the opportunity to formally object to the EU’s recent decision to sanction Suifenhe Rural Commercial Bank and Heihe Rural Commercial Bank—two small banks near China’s northeastern border with Russia. These institutions were added to the EU’s sanctions list in July as part of its 18th package of penalties against Moscow.
The EU accuses the banks of enabling Russia to sidestep existing financial restrictions. However, Beijing firmly rejected the claims, labeling them “baseless” and arguing that the sanctions violate international norms.
China has repeatedly voiced opposition to any unilateral measures it sees as politically motivated, particularly when they involve Chinese firms or institutions being drawn into the Ukraine conflict through secondary sanctions.
The inclusion of non-Russian banks marks a new phase in the EU’s economic pressure campaign, extending its reach beyond Russia’s borders to those seen as indirectly supporting its efforts.
