China sanctions European banks in tit-for-tat move
In retaliation for European Union sanctions on two Chinese banks, China on Wednesday imposed countermeasures 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.
(dpa/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Three men in court for allegedly assaulting lady
The magistrate adjourned the case until August 26 for mention.
Showbiz
Media personality, Toke Makinwa, expecting first child
Media personality, Toke Makinwa on Wednesday disclosed that she is expecting her first child.
States
Cross River assembly approves N642 billion supplementary budget
The house noted that the supplementary budget was for the welfare of citizens of the state.
Heading 4
Kano assembly suspends Rano LG boss for three months over alleged misconduct
Mr Hussaini stated that the chairman diverted a feeder road project from Kwanar Juma-Gada to another ward without approval.
Heading 1
EFCC probes Dubai-bound passenger over failure to declare $49,000 at Lagos airport
Mr Ghali stated that the commission would continue to enforce the law.
Economy
Flutterwave’s half-year 2025 review highlights profitable progress, strengthened global expansion
The company spent its first half of 2025 laser-focused on executing a long-term plan lays the foundation for growth that lasts.
