China won't sanction Russia over Ukraine

China confirmed on Wednesday that it will not impose any financial sanctions on Russia over the nation's invasion of Ukraine last week.

Guo Shuqing, the chairman of the China Banking and Insurance Regulatory Commission, said China was opposed to sanctioning Russia, according to a news conference covered by The Associated Press.

"We will not join such sanctions, and we will keep normal economic, trade and financial exchanges with all the relevant parties," Guo said, per the AP. "We disapprove of the financial sanctions, particularly those launched unilaterally, because they don't have much legal basis and will not have good effects."

China is considered to have close relations with Russia and has not publicly condemned the invasion.

The U.S. has worked with European nations to impose crippling sanctions on Moscow that have helped cause the value of the ruble to plummet.