China will take necessary measures to firmly safeguard the legitimate rights and interests of its businesses, after the European Union decided to include certain Chinese companies and financial institutions in its 18th round of sanctions against Russia last week, said the Ministry of Commerce on Monday.

The EU's move, despite repeated representations and objections from China, is a unilateral action that lacks any basis in international law, a spokesperson for the Ministry of Commerce said in an online statement. The EU's decision includes what China describes as "groundless" accusations against two of its financial institutions.

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The commerce official said that the EU's action will severely impact bilateral economic and financial cooperation.

"China has always opposed unilateral sanctions that are not authorized by the United Nations Security Council and lack basis in international law," the spokesperson said, urging the EU to immediately stop its wrongful practice of sanctioning Chinese companies and banks.