CX Briefing: Beijing Sanctions EU Banks

A rundown of the news making headlines in and around China:

Beijing sanctions EU banks: China’s commerce ministry on Wednesday sanctioned two banks in the European Union in response to the EU’s listing two Chinese financial institutions in its sanctions against Russia. Beijing added Lithuania-based banks UAB Urbo Bankas and AB Mano Bankas to its counter-measures list. Consequently, Chinese organizations and individuals are prohibited from engaging in “relevant transactions, cooperation and other activities” with the banks. The government didn’t give a reason for choosing these particular institutions. The EU added the Chinese financial institutions to a sanctions list on July 18, which the commerce ministry said, “seriously violated international law and basic norms of international relations and seriously damaged the legitimate rights and interests of Chinese companies.”