EU's sanctioning of Chinese financial institutions unjustifiable

The European Union announced its 18th package of sanctions against Russia on Friday, which, for the first time, listed two Chinese financial institutions. This move is both unjustified and counterproductive.

The EU should first ask itself whether the sanctions will help end the conflict between Russia and Ukraine. They will not. Instead of creating conditions for de-escalation and dialogue, these measures risk prolonging the conflict and increasing its complexity. Which has been verified by the previous sanctions the EU has imposed.

On the Ukraine crisis, the EU has repeatedly cast aspersions on China, accusing it of enabling Russia's military operations.

But right from the beginning of the military conflict in early 2022, China has made its stand clear: That it remains neutral and will do whatever it can to try and bring the two belligerents to the negotiating table. To this end it has actively worked with other countries to create conditions conducive for peace talks between the two sides.

China has never provided lethal weapons to either side, and it strictly controls the export of dual-use items. China does maintain close trade relations with Russia, but these are normal trade relations following international rules and norms. Such cooperation does not violate any international law.

The EU's sanctions on the two Chinese financial institutions lack any international legal basis. They are egregious in nature and harmful in effect. Such sanctions against China, a country that has never been involved in the conflict in any way, constitute a serious violation of international law and norms, and will have a negative impact on the bilateral relations between China and the EU.

Peace and development are the cornerstones of China's global approach. To that end, China has put forward the Global Civilization Initiative, Global Development Initiative and Global Security Initiative, all designed to promote cooperation, dialogue, and mutual understanding in addressing global challenges. China and the EU, as comprehensive strategic partners, should focus on strengthening cooperation, not confrontation.

The military aid the EU and the United States have provided to Ukraine and the repeated packages of sanctions they have imposed on Russia since the start of the military conflict have only deteriorated the situation and made it even more complicated.

What is even more unreasonable and malicious is that they have pointed an accusing finger at China, vilifying it as an enabler of Russia's military operations.

China has always been a promoter of multilateralism, and it is willing to develop friendly, cooperative relations with all parties, including the EU. However, it will not accept groundless accusations or unjust pressure.

In response to the two Chinese financial institutions being included in the EU's new package of sanctions against Russia, the spokesperson for the Mission of China to the EU said on Friday that China has always opposed unilateral sanctions that lack a basis in international law and have not been authorized by the UN Security Council. It will definitely take countermeasures against the EU for its unreasonable sanctions on Chinese financial institutions.

China urges the EU to immediately correct its mistaken decision to include the two Chinese financial institutions in its sanctions list and take concrete steps to eliminate the negative impact.

China and the EU enjoy broad cooperation across many sectors — political, economic, cultural, and more. Their trade and investment ties are mutually beneficial, making both sides stakeholders in each other's success. Furthermore, the two sides share common interests in tackling global challenges such as climate change and promoting sustainable development.

The EU should reconsider its egregious move. In choosing sanctions over dialogue, the EU is undermining not only bilateral trust but also its credibility as a proponent of multilateral solutions. China does not want confrontation, but it will not sit idle when its legitimate interests are harmed.

At a time when the world is facing increasing uncertainty and division, the EU should not let geopolitical considerations derail its strategic partnership with China. It is essential that China and the EU work together in the spirit of multilateralism to oppose bloc confrontation and jointly safeguard world peace and stability.