China won't back global sanctions against Russia, says Beijing's top banker

Don't look for Beijing to join the crippling financial sanctions much of the international community is using to pressure Russian President Vladimir Putin into ending his war on Ukraine.

On Wednesday, China’s top banking and insurance regulator said the country opposes the sanctions, which are aimed at preventing Russia from selling goods on the global market. The statement from Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, threw cold water on the idea that the world's No. 2 superpower might help complete the isolation of Moscow.

“Everyone is watching the recent military conflict, or war, between Russia and Ukraine,” Guo said at a press conference in Mandarin, according to a CNBC translation. “China’s position has been stated clearly by the Ministry of Foreign Affairs. Our international policies are consistent.