China's Ministry of Commerce Cancels Counter-Measures Against Two EU Financial Institutions

The Ministry of Commerce of China announced that since the European Union has canceled sanctions against two Chinese financial institutions, China decided to cancel relevant counter-measures against two EU banks, UAB Urbo Bankas and AB Mano Bankas, effective from the 24th, and removed them from the counter-measure list. The news was released on the official website of the Ministry of Commerce on the 24th. The previous day, the EU announced the withdrawal of sanctions against two Chinese financial institutions. Last July, in its 18th round of sanctions against Russia, the EU included two Chinese financial institutions on the sanctions list. The Chinese government criticized the move as a serious violation of international law and basic norms of international relations, severely harming the legitimate rights and interests of Chinese enterprises. Subsequently, in August of that year, the Ministry of Commerce announced that based on the 'Anti-Foreign Sanctions Law of the People's Republic of China' and related regulations, and approved by the national coordination mechanism, it decided to list the two EU banks on the counter-measure list, prohibiting organizations and individuals within China from engaging in transactions or cooperation with them.