China imposes countermeasures against two EU banks over sanctions

China has imposed countermeasures on two European banks - UAB Urbo Bankas and AB Mano Bankas - in response to the European Union's sanctions on Chinese financial institutions, the Ministry of Commerce said on Wednesday.

Under the measures, organizations and individuals in China are prohibited from engaging in transactions, cooperation or other related activities with these two banks, said a ministry spokesperson in an online statement.

The move follows the EU's decision to add two Chinese financial institutions to its sanctions list on grounds related to Russia, despite China's repeated opposition. The sanctions took effect on Aug 9.

The spokesperson stressed that the sanctions "seriously violate international law and the basic norms governing international relations, severely harm the legitimate rights and interests of Chinese companies, and exert a negative impact on China-EU economic, trade and financial cooperation."

The ministry official urged the EU to uphold the long-standing cooperation between China, the bloc and its member states in the economic, trade and financial spheres, correct its wrongful actions, and refrain from endorsing measures that harm China's interests or undermine China-EU cooperation.