OR China imposed sanctions on two European banksfulfilling its promise to retaliate after the European Union (EU) decision to target some Chinese banking organizations due to the Russian -Ukraine war.
China included UAB URBO Bankas and Ab Mano Bankas banks in its countermeasures, according to a Commerce Ministry announcement on Wednesday (13.08.2025). This move prohibits organizations and individuals in China from trading, cooperating and developing other activities with these institutions.
In a separate statement, the ministry expressed hope that the EU would appreciate its relationship with China, correct its mistakes and stop harming the country’s interests.
Olof Gill, a spokesman for the European Commission on Economic Security, said that “once they are officially taken, the EU will study these measures in detail before deciding on any additional steps”.
“The EU has already worked constructively with China on the issue of sanctions against Chinese entities,” Gill said, and “it is open to finding a mutually acceptable solution that could ultimately lead to the deletion of banks from the list.”
Last month, the European Union imposed penalties on two Chinese banks and five Asian -based companies as part of the latest series of measures against Moscow. The EU said the banks were included in the list because they provided cryptocurrencies that undermined the purpose of the sanctions.
China’s close ties to Russia had submitted its banks to similar punitive measures from the US, pushing them to reassess their businesses and customers. Some of her state -owned banks intensified the restrictions on funding Russian customers at the beginning of last year, following US secondary -sanctions approval by foreign financial companies supporting Moscow’s war efforts.
UAB Urbo Bankas and AB Mano Bankas are both located in Lithuania. Beijing did not speak of their choice, but its movement comes after tensions with the Baltic country. Last year, Lithuania expelled three Chinese Embassy officials, saying they were not accredited.
Beijing had previously downgraded its diplomatic relations with Lithuania in response to its decision to allow the establishment of Taiwan’s representative office in Vilnius.
Relations between Beijing and Brussels have also been ranked in recent years due to China’s support in the Russian war in Ukraine and commercial issues. Last month, Beijing reacted to European Commission President Ursula von der Laen after being distorted by trade and restricting access to European companies.