China Strikes Back: Sanctions Against EU Banks

China's commerce ministry announced immediate countermeasures against two EU banks following their addition to a Russia-related sanctions list. UAB Urbo Bankas and AB Mano Bankas are banned from conducting transactions with Chinese entities.

In a significant move, China's commerce ministry declared immediate countermeasures against two European Union banks on Wednesday. This decision comes in response to the EU's addition of two Chinese financial institutions to their Russia-related sanctions list.

The two banks, UAB Urbo Bankas and AB Mano Bankas, are now prohibited from engaging in any transactions or collaborations with Chinese organizations and individuals, according to an official statement from the ministry.

This action underscores China's determination to respond to international sanctions affecting its financial sector, highlighting the escalating tensions in global finance due to geopolitical crises.

(With inputs from agencies.)