In retaliation for European Union sanctions on two Chinese banks, China on Wednesday imposed counter-measures against two European lenders: UAB Urbo Bankas and AB Mano Bankas.
Chinese organisations and individuals are now prohibited from conducting transactions or cooperating with these banks.
Both banks are based in Lithuania, which had been in a diplomatic dispute with Beijing since 2021 over the opening of a Taiwanese representative office in Vilnius.
At that time, China also imposed trade restrictions on the Baltic nation.
The new measures are a direct response to an EU sanctions package targeting Russia a month ago, which also included penalties for two smaller Chinese banks near the Russian border.
Beijing had previously vowed to retaliate.
The EU’s sanctions aim to weaken Russia’s military capabilities in its war against Ukraine.
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