Mar 2, 2022 8:59 PM EST
China will not join Western nations in sanctioning Russia
"As far as financial sanctions are concerned, we do not approve of these, especially the unilaterally launched sanctions because they do not work well and have no legal grounds," said Guo Shuqing.
According to Reuters, the regulator added that he believed the impact of these measures on China would be limited.
The country has refused to condemn Russia’s actions in Ukraine, and has repeatedly called the sanctions illegal and unilateral.
"As far as financial sanctions are concerned, we do not approve of these, especially the unilaterally launched sanctions because they do not work well and have no legal grounds," Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told a news conference.
"We will not participate in such sanctions. We will continue to maintain normal economic and trade exchanges with relevant parties," he said.
The relationship between the bordering countries has grown close in recent years, especially as trading partners.
Trade between the two nations jumped 35.9 percent last year to a record $146.9 billion, according to Chinese customs data cited by Reuters.
Russia has served as a major source of oil, gas, coal, and agriculture commodities with China, running a trade surplus with the nation.
"The impact from the sanctions on China's economy and financial sector is so far not too significant," Guo said.
"Overall they will not have much impact (on China) even in the future," Guo said, citing the resilience of China's economy and financial sector.
Last week, the White House issued a list of sanctions against Russia, banks within the country, and Russian elites.
These sanctioned entities include Sberbank and 25 subsidiaries, VTB Bank and subsidiaries, Sergei Ivanov and his son, Yuriy Solveiv and his two real estate companies, 24 Belarusian individuals and entities, and many more.
Despite the lengthy sanctions against financial entities and people, Biden has been slammed for not sanctioning one of Russia’s biggest sectors - energy.
Biden has faced calls from a number of US leaders, including South Dakota Governor Kristi Noem, Senator Josh Hawley, Senator Tom Cotton, and more to reduce dependence on Russia oil, and sanction the Russian energy industry.