On Mar. 2, Guo Shuqing (郭树清), chairman of the China Banking and Insurance Regulatory Commission, stated in a news conference that China would not join in sanctions on Russia.

Reuters quotes Guo as saying that “As far as financial sanctions are concerned, we do not approve of these, especially the unilaterally launched sanctions because they do not work well and have no legal grounds.”

He added, “We will not participate in such sanctions. We will continue to maintain normal economic and trade exchanges with relevant parties.”

Guo also believed that China’s economy and financial sector were resilient and unaffected by Western economic sanctions against Russia.

“Overall they will not have much impact [on China] even in the future.”

Reuters cited Chinese customs data reporting that “China and Russia have grown increasingly close in recent years, including as trading partners. Total trade between the two jumped 35.9% last year to a record $146.9 billion”.

Russian President Vladimir Putin participated in the Beijing Games’ opening ceremony on February 4. The same day, Putin and Xi had a meeting, and after that, according to New York Times, Russia and China issued a statement declaring that their partnership had “no limits.” Right after the 2022 Winter Olympics ended, Russia invaded Ukraine.

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