China objected to US plans to impose sanctions on banks

Foreign Ministry spokesman Wang Wenbin, in response to a WSJ report about US plans to impose sanctions against Chinese banks because of military assistance to RUSSIA, stressed that Washington should not violate Beijing’s right to trade with Moscow

The Chinese Foreign Ministry, in response to a report by The Wall Street Journal about US plans to impose sanctions against Chinese banks because of military assistance to Russia, objected to the violation of Beijing’s right to trade and economic activities with other countries, including Russia, East Money reports.

"China's right to normal economic and trade exchanges with other countries, including Russia, cannot be infringed, and we will firmly protect our legitimate rights and interests," Chinese Foreign Ministry spokesman Wang Wenbin said.

He said CHINA opposes the "hypocritical practice of the United States of adding fuel to the fire and blaming China."

Beijing believes Washington should immediately stop “indiscriminately” imposing unilateral sanctions on Chinese companies and individuals. The Foreign Ministry emphasized that the Ukrainian issue is not a problem between China and the United States, and hopes that the United States does not want to turn it into a problem between Beijing and Washington.

According to the WSJ, the United States is developing sanctions that threaten to cut off some Chinese banks from the global financial system. As the Financial Times wrote, Secretary of State Antony Blinken, who will visit China on April 24-26, intends to warn his colleagues during his visit that the United States and its allies are becoming increasingly intolerant of Beijing’s refusal to stop supplying Moscow with dual-use technologies, as well as the threat of sanctions because of this. According to one of the publication's sources, Blinken's message will be "the clearest warning" Washington has ever addressed to Chinese officials. WSJ notes that Washington has “armed” the Secretary of State with diplomatic leverage, which they hope will stop Beijing’s support for Moscow.

In April, Izvestia wrote that the largest Chinese bank ICBC, as well as China Citic Bank, Industrial Bank and Bank of Taizhou, stopped accepting payments in yuan from Russia. According to Kommersant, Chinese banks have begun to block Russian payments for the supply of components for electronics assembly.

Moscow called statements about Beijing's help “disinformation.” The Kremlin said that they had “nothing to add” to the position of the Chinese side, which denies military support from Moscow.