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China, which has refused to condemn Russia's invasion of
Ukraine, has repeatedly criticised what it calls illegal and
unilateral sanctions.
"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.
China and Russia have grown increasingly close in recent years,
including as trading partners. Total trade between the two
jumped 35.9% last year to a record $146.9 billion, according to
Chinese customs data, with Russia serving as a major source of
oil, gas, coal and agriculture commodities, running a trade
surplus with China.
"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.
(Reporting by Kevin Yao; Editing by Andrew Heavens, Kim Coghill
and Emelia Sithole-Matarise)
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