Lithuanian banks, Urbo Bank and Mano Bank, against which the Chinese Ministry of Commerce imposed sanctions on 13 August, found no justification for this.
“We had not received any prior information or warnings about the recently imposed sanctions on Mano Bank; therefore, the reasons that might have led to this decision remain unclear. Last month, the European Union announced additional sanctions against China, so there is a possibility that this development may have indirectly influenced the current situation. At present, we have approached the Lithuanian Ministry of Foreign Affairs and the country’s regulatory authority, the Bank of Lithuania, seeking more information about the possible reasons for and implications of the imposed sanctions.
Mano Bank is a Lithuanian-owned bank, and our operations are conducted across the European Union. China is not, and has never been, our target market. We do not conduct business in the country, therefore, the announced sanctions will not affect our daily operations or plans for expansion. The bank operates in full compliance with all EU legislation, strictly adheres to the international sanctions regime, and meets all financial services regulatory requirements. All of our clients deposits and services remain secure, and operations will continue as usual. We will continue to act in accordance with all EU foreign policy principles, striving to ensure full compliance with international requirements as well as transparency in our operations,” said Giedrė Blazgienė, CEO of Mano Bank.
“Our bank in China does not conduct financial transactions and does not have any business relations with individuals or organizations of this state. Since we do not have any business partnerships with Chinese individuals and legal entities, the imposition of sanctions will not have any impact on the activities of Urbo Bank and the implementation of prudential regulations, ” noted Marius Arlauskas, head of administration of Urbo Bank.
Urbo bank noted that it has not received complaints from customers about possible disruptions in financial transactions with Chinese residents.
“Customers and the public can remain calm. At the moment, the bank’s daily activities and the provision of services are not affected by the notification of the sanctions imposed,” said Arlauskas.
The Chinese government imposed sanctions against these two banks in response to actions by the European Union. The EU added two Chinese financial institutions to its sanctions list on 18 July, 2021, as part of its 18th round of sanctions on Russia. However, the Ministry of Commerce did not explain why it chose to target these specific banks.
