China Reverses EU Bank Sanctions Retaliation
China's commerce ministry has lifted countermeasures against two EU banks following the European Union's decision to remove sanctions on two Chinese financial institutions. The affected banks are Lithuania's UAB Urbo Bankas and AB Mano Bankas. The initial sanctions were imposed due to the EU's actions against Chinese banks last year.
- Country:
- China
China's commerce ministry announced on Friday that it has lifted countermeasures against two European banks. This decision comes after the European Union removed sanctions it had placed on two Chinese financial institutions.
The sanctions involved two banks from Lithuania, namely UAB Urbo Bankas and AB Mano Bankas. The announcement signifies a thaw in financial tension between the regions.
The Chinese countermeasures were initially enacted in August last year, responding to sanctions imposed by the EU over alleged connections to Russia. The recent developments suggest a move towards resolving the economic contentiousness between the EU and China.
Google News