China’s commerce ministry said Wednesday it would immediately take countermeasures against two EU banks after the bloc added two Chinese financial institutions to its Russia-related sanctions list. Under the measures, Lithuania’s UAB Urbo Bankas and AB Mano Bankas are barred from conducting transactions or cooperating with organizations and individuals in China, the ministry said in a statement. The move underscores Beijing’s opposition to what it views as extraterritorial application of sanctions and comes amid rising trade and diplomatic tensions between China and the EU.
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