💨 Abstract

The European Union has urged China to revoke sanctions on two Lithuanian banks, Urbo Bank and Mano Bank, which were imposed in retaliation for the EU's sanctions on two Chinese lenders. The EU maintains that the sanctions on the Chinese banks are part of efforts to counter Russian activities in Ukraine. China justified its sanctions, claiming the EU's actions negatively impact Chinese-EU economic relations. Lithuania, a small Baltic nation with strong ties to Taiwan, has been targeted by China for years.

Courtesy: WTOP Staff