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