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BEIJING (AP) — China received’t be a part of the US and European governments in imposing monetary sanctions on Russia, the nation’s financial institution regulator stated Wednesday.

China is a serious purchaser of Russian oil and gasoline and the one main authorities that has shunned criticizing Moscow’s assault on Ukraine.

Beijing opposes the sanctions, stated Guo Shuqing, the chairman of the China Banking and Insurance coverage Regulatory Fee.

“We won’t be a part of such sanctions, and we’ll hold regular financial, commerce and monetary exchanges with all of the related events,” Guo stated at a information convention. “We disapprove of the monetary sanctions, notably these launched unilaterally, as a result of they don’t have a lot authorized foundation and won’t have good results.”

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