Beijing opposes sanctions, especially those imposed unilaterally, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC).

“As far as financial sanctions are concerned, we do not approve them, and in particular we do not approve sanctions that have started unilaterally, because they are ineffective and have a weak legal basis,” he told RIA Novosti.

Earlier, US President Joe Biden announced the imposition of sanctions on Russia’s public debt, while the imposition of sanctions on five Russian banks was announced by British Prime Minister Boris Johnson.

China’s opposition to sanctions against Moscow was also expressed by Chinese Foreign Ministry spokeswoman Hua Chunying, who said China was opposed to any unilateral anti-Russian sanctions and that Beijing had never considered it the best way to resolve the issue.

“We will not participate in such sanctions, in addition, we continue to maintain normal trade, economic and financial ties with the parties concerned,” she told RIA Novosti.

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