China slams EU banking sanctions as tensions rise ahead of key summit
Beijing urges Brussels to ‘immediately cease’ its actions against two Chinese banks, which are accused of violating a Russia trade embargo
Beijing has called on the European Union to “immediately cease its wrong practice” of sanctioning two Chinese banks, vowing to take action to defend the interests of Chinese companies just days ahead of a key leaders’ summit.
“China expresses strong dissatisfaction and resolute opposition to this move,” China’s Ministry of Commerce (Mofcom) said in a statement on Monday.
“China will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies and financial institutions.”
This came as both sides prepared for a highly anticipated leaders’ summit in Beijing on Thursday, which will be chaired by European Commission President Ursula von der Leyen and European Council President Antonio Costa, as well as Chinese Premier Li Qiang, according to China’s Ministry of Foreign Affairs (MOFA). President Xi Jinping will also meet von der Leyen and Costa during their stay in Beijing, MOFA said.
Beijing had lobbied intensively behind the scenes to try and convince Brussels not to keep the two banks in its sanctions package, according to sources familiar with the exchanges.