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Title : Chinese State Banks To Suspend Accounts Held By North Koreans
link : Chinese State Banks To Suspend Accounts Held By North Koreans

Chinese State Banks To Suspend Accounts Held By North Koreans

A sign displaying the Chinese (L) and North Korean (R) flags is pictured by the Sino-Korean Friendship Bridge, which connects the Chinese city of Dandong, whose bank has been sanctioned by the US Treasury, and the North Korean town of Sinuiju (AFP Photo/MARK RALSTON)

South China Morning Post: Chinese bank ban ‘threatens to tighten chokehold’ on trade with North Korea

Ban applies across the board but cash and barter system offer ways around the sanctions, analysts say

Beijing

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has reportedly ordered Chinese state banks to suspend accounts held by North Koreans, a move that could put a tighter stranglehold on trade between the two countries.

Branch offices of at least three major Chinese banks – Bank of China, China Construction Bank and Agricultural Bank of China – in the border city of Yanji, Jilin province, had suspended transactions through accounts held by North Koreans, Tokyo-based Kyodo News reported on the weekend.

The branch offices in Yanji had also banned North Koreans from opening new accounts, or making deposits or remittances, the report said.

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Update: China's biggest banks ban new North Korean accounts (Financial Times).

WNU Editor: This should have been done years ago.

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