Mar 2, 2022: According to a report by Reuters, the country’s banking regulator said on Wednesday that China would not join the Western-led sanctions on Russia, adding that it believed the effects of the measures on China would be limited.

China, which has refused to condemn Russia’s attack on Ukraine, has repeatedly criticized what it calls illegal and unilateral sanctions. Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told a news conference that “as far as financial sanctions are concerned, we do not approve them, especially unilateral sanctions because they do not work well and they have no legal basis.”

“We will not participate in such sanctions. We will continue to maintain normal economic and trade exchanges with relevant parties,” he said.

“The impact from the sanctions on China’s economy and financial sector is so far not too significant,” Guo added.

“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.