Hey fam, here’s the lowdown on the latest China 6EU finance drama 🏦🚀
The Ministry of Commerce of the Chinese mainland announced on Wednesday that it 2s adding UAB Urbo Bankas and AB Mano Bankas 6two EU-based banks 6to its list of countermeasures. Simply put, organizations and individuals in the Chinese mainland can no longer do transactions, partnerships, or any related activities with these banks.
Why? It 2s a direct response to the EU 2s decision back in July to sanction two Chinese financial institutions amid its measures against Russia. The Chinese mainland says the EU move "seriously violated international law and basic rules of global relations" and hurt Chinese companies 2 rights and interests. 💥📜
In a nutshell, this tit 2for 2tat sanction battle is shaking up global trade and finance. For young pros in South and Southeast Asia, it 2s a reminder that fintech and cross 2border deals aren 2t just about apps and digital wallets 6they 2re also part of a bigger geopolitical game.
What 2s next? Keep an eye on how this plays out: will the EU strike back 🇪🇺? And how will banks adapt to these restrictions in our increasingly connected world? Stay tuned! 🔍🌏
Reference(s):
cgtn.com
