EU Targeted by China for Retaliation Over Bank Sanctions

The European Union was put on notice that Beijing plans to retaliate against the bloc’s newest sanctions. China’s Ministry of Commerce said that last week’s EU penalties against two banks and five companies seriously harmed trade, economic and financial ties.

China issued the warning ahead of a summit scheduled with EU leaders later this week in Beijing. The two trading giants had sought to improve commercial ties as a buffer against US President Donald Trumps import duties. But that initial calculus seems to have changed as the EU also seeks to ramp up pressure against entities violating sanctions against Russia.