“Everyone is watching recent military conflict, or war, between Russia and Ukraine,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, 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.”

“Regarding financial sanctions, we do not support that,” said Guo, noting particular opposition to “unilateral” sanctions, which he said don’t effectively address problems. “China won’t join such sanctions.“

Guo is also Chinese Communist Party secretary of the People’s Bank of China, the country’s central bank. He added Wednesday that he hopes all sides will maintain normal economic exchanges and that the sanctions have had no apparent impact on China so far.