In a fresh escalation of financial tit-for-tat, China’s Ministry of Commerce announced on Wednesday that UAB Urbo Bankas and AB Mano Bankas — two EU-based banks — have been added to the list of entities subject to countermeasures on the Chinese mainland. The move bars organizations and individuals within the Chinese mainland from engaging in transactions, cooperation, or any related activities with these banks.
This action is a direct response to the EU’s decision in July to sanction two Chinese financial institutions as part of its broader package of measures against Russia. Beijing’s statement said the EU’s stance “severely violated international law and the basic norms of international relations,” and “significantly harmed the legitimate rights and interests of Chinese companies.”
According to industry analysts, financial services are among the fastest-growing segments in EU-China trade, valued at hundreds of billions of euros annually. As tensions escalate, investors and corporate strategists are re-evaluating risk models and compliance frameworks to navigate this complex terrain.
As the financial standoff unfolds, global stakeholders will be watching closely to see if diplomacy or further countermeasures shape the next move.
Reference(s):
cgtn.com
