China will not join the financial sanctions against Russia, the country's banking and insurance regulator said on Wednesday. 

China does not support financial sanctions, especially unilateral sanctions, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said at a press conference in Beijing, noting that unilateral sanctions cannot effectively address the problems and they lack legal grounds. 

"China's position has been stated clearly by the Ministry of Foreign Affairs. Our international policies are consistent," he said. 

The sanctions have not made much impact on China's economy and finance, he said, and estimated they will not since China's economy and finance are stable.

China supports and encourages all diplomatic efforts conducive to the peaceful settlement of the Ukraine crisis and welcomes the launch of peaceful negotiations by Russia and Ukraine, Wang Wenbin, spokesperson of the Ministry of Foreign Affairs, said at a regular press conference on Tuesday. 

China hopes the two sides can keep up the dialogue and negotiation process to seek a political settlement that accommodates both sides' legitimate security concerns, Wang said.