SHANGHAI- China shares closed lower on Wednesday, with new-energy vehicle makers leading losses as investors dumped equities with high valuations, while worries over the impact of aggressive sanctions imposed against Russia also weighed on sentiment.

** At the close, the Shanghai Composite index was down 0.13% at 3,484.19, while the blue-chip CSI300 index fell 0.89%. ** Leading losses, the new-energy vehicle sector lost 2.09% and the CSI300 Industry fell 1.17%.

** The start-up board ChiNext Composite index slumped 1.77%, dragged lower by battery manufacturing heavyweight CATL , which lost 4.2%.

** The smaller Shenzhen index was down 0.58% and Shanghai's tech-focused STAR50 index lost 0.71%​.

** Oil refiners, however, rose after oil prices surged past $110 per barrel, with the CSI Energy gaining 2.15%.

** U.S. President Joe Biden banned Russian flights using American airspace during his State of the Union speech on Tuesday, in which he also said Russian President Vladimir Putin would "pay a continuing high price over the long run" for the invasion of Ukraine.

** The United Nations General Assembly is set to reprimand Russia on Wednesday over its invasion of Ukraine and demand that Moscow stop fighting and withdraw its military forces, a move that aims to diplomatically isolate Russia at the world body.

** China's state-owned enterprises must strengthen their management of investments in sectors such as property, finance, overseas mergers and acquisitions, and projects in high-risk nations and areas, the country's state assets regulator said.

** Chinese developers edged up 0.42% on marginal easing policy in a central capital city and expectations of more relaxing measures.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.85%, while Japan's Nikkei index closed down 1.68%.

** At 07:08, the yuan was quoted at 6.3117 per U.S. dollar, 0.01% weaker than the previous close of 6.3113.

(Reporting by Shanghai Newsroom; Editing by Rashmi Aich)