China retaliates against EU sanctions over Russia-Ukraine war

China’s Ministry of Commerce has issued countermeasures against two financial institutions from the European Union in response to the latter’s targeting of Chinese firms as part of Russia-related sanctions, Reuters reported.The ministry has also urged the 27-member economic bloc to correct its ‘wrongdoings’ and stop damaging Chinese interests, according to the update.

On July 18, the EU issued 18th package of sanctions against Russia

over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry. The sanctions included measures against entities from third countries, namely from Türkiye and China/Hong Kong, for directly or indirectly aiding Russia’s military complex.
In response, the Asian country had warned the European Union (EU) to reverse its decision imposing sanctions on two Chinese banks, or be ready to face retaliatory measures. EU sanctions were directed at two regional Chinese banks — Suifenhe Rural Commercial and Heihe Rural Commercial — and five other companies.Besides, Mumbai-based Nayara Energy was targeted in the EU sanctions. The company is partly owned by Russian oil major Rosneft. Subsequently, the company appointed company veteran Sergey Denisov as its new chief executive, replacing Alessandro des Dorides in a planned leadership transition.

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