ALBAWABA- China has imposed sanctions on two Lithuanian banks, barring them from conducting any transactions or cooperation with Chinese organizations and individuals, in a direct retaliation against the European Union’s latest Russia-related sanctions.
The Ministry of Commerce (MOFCOM) announced on Wednesday that UAB Urbo Bankas and AB Mano Bankas have been placed on its countermeasures list under China’s Anti-Foreign Sanctions Law. The move prohibits any financial dealings, partnerships, or other activities involving the two institutions within China.
The decision follows the EU’s July 18 move to add two Chinese financial institutions to its 18th round of sanctions targeting entities linked to Russia’s invasion of Ukraine.
MOFCOM accused Brussels of “seriously violating international law” and “damaging the legitimate rights and interests of Chinese companies.”
Both sanctioned banks are based in Lithuania, one of Beijing’s most outspoken critics within the EU, and a country previously targeted by Chinese economic measures after strengthening ties with Taiwan.
China said the action is intended to “safeguard sovereignty, security, and development interests” and warned it would respond firmly to any further “unjustified” sanctions targeting Chinese entities.
