China says it won't join US, its allies in financial sanctions on Russia

China won't join the United States and European governments in imposing financial sanctions on Russia, the country's bank regulator said on Wednesday.

China is a major buyer of Russian oil and gas and the only major government that has refrained from criticizing Moscow's attack on Ukraine.

Beijing opposes the sanctions, said Guo Shuqing, the chairman of the China Banking and Insurance Regulatory Commission.

"We will not join such sanctions, and we will keep normal economic, trade and financial exchanges with all the relevant parties, Guo said at a news conference.

"We disapprove of the financial sanctions, particularly those launched unilaterally, because they don't have much legal basis and will not have good effects.