China Stands With Russia, Will Not Impose Sanctions

China Banking and Insurance Regulatory Commission chairperson Guo Shuqing said Wednesday at a news conference that China will not join the West in imposing sanctions on Russia over its invasion of Ukraine.

“Regarding financial sanctions, we do not support that,” Guo, who is also the Chinese Communist Party secretary of the People’s Bank of China, said according to a CNBC translation.

“China won’t join such sanctions.”

“We will not join such sanctions, and we will keep normal economic, trade, and financial exchanges with all the relevant parties.

“We disapprove of the financial sanctions, particularly those launched unilaterally, because they don’t have much legal basis and will not have good effects,” he said on the reason behind the decision.

Sanctions so far have not deterred Russian President Vladimir Putin despite the severe effects those sanctions have had even in the short term on the global and Russian economies.

Ukraine President Volodymyr Zelensky has clarified that more than sanctions will be needed if Ukraine is to maintain its independence and to prevent a further loss of life on both sides.

“Everyone is watching recent military conflict, or war, between Russia and Ukraine,” Guo said. “China’s position has been stated clearly by the Ministry of Foreign Affairs. Our international policies are consistent.”

China is not the only country that has avoided imposing sanctions on Russia, since China is heavily reliant, like the rest of Europe, on Russian gas and oil. On Tuesday, Mexico announced that it will not join the West in imposing sanctions on Russia.

The country’s leadership has not criticized Russia’s actions in Ukraine, which Russia refers to as “military actions.” However, Guo’s acknowledgment that the actions meet the definition of war is important and a claim that Russia has so far been unwilling to acknowledge publicly.