Beijing opposes unilateral sanctions against Russia, says China's foreign ministry

Beijing, Feb 28: Chinese Foreign Ministry Spokesperson Wang Wenbin said Beijing opposed unilateral sanctions against Russia that are not based on international law as a way to solve crises such as the ongoing one in Ukraine.

"We demand that the American side does not harm the legitimate rights and interests of China and other parties in resolving the Ukrainian issue," he told reporters at a briefing. He added that the measures such as the ejection of Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) could only hinder a potential solution to the clashes in Ukraine.

Meanwhile, the UK government is leading the charge in Europe to exclude Russia from the worldwide SWIFT banking network, as part of tough sanctions designed to deliver a financial blow to President Vladimir Putin over his invasion of Ukraine.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.

Based in Belgium, the system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.

UK Foreign Secretary Liz Truss is believed to be on a diplomatic mission in Europe to convince allies to exclude Russia from this key banking system, which had last collectively sanctioned Iran in 2012.

However, while Canada and some American senators are in line with the UK on this, there is reluctance within the European Union (EU) over what is seen as a last resort move that will impact oil and gas payments.

Russia's invasion of Ukraine has provoked condemnation from countries in the West and retaliatory sanctions.

Russian banks, businesses and oligarchs have been targeted with tough sanctions and the country's national airline, Aeroflot, has been banned from landing at UK airports or flying through its airspace, alongside any private jets from the country.