China imposed sanctions on 2 European banks in the Tit-For-Tat Movement

China on Wednesday imposed a reply to two European lenders, UAB Urbo Bankas and AB Mano Bankas.

These new steps are a direct response to the European Union sanction package that targets Russia a month ago, which also included a sentence for two smaller Chinese banks near the Russian border.

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European Union sanctions aim to weaken the ability of the Russian military in its war against Ukraine.

In the steps worn by Beijing, Chinese organizations and individuals are now prohibited from conducting transactions or cooperating with banks.

The two banks are based in Lithuania, which have been in diplomatic disputes with Beijing since 2021 on the opening of the Taiwan Representative Office in Vilnius.

At that time, China also imposed trade restrictions on the Baltic Country.