Bank of China cuts off North Korea trade bank
8 May 2013 8:10 AM IST
One of China’s biggest banks said on Tuesday it has halted business with a North Korean bank accused by the US of financing Pyongyang’s missile and nuclear programs in the latest sign of Beijing’s displeasure with its estranged ally.
The state-run Bank of China Ltd. has notified the Foreign Trade Bank of North Korea that its account or accounts were being closed and all financial transactions suspended, said a bank spokeswoman, reading a brief statement. The spokeswoman for the Beijing-based bank did not identify the number of accounts closed or provide further details.
The move comes with the Chinese leadership’s growing frustration with North Korea’s young leader, Kim Jong Un, and the nuclear and missile tests his government has conducted, aggravating regional tensions.
In recent months, Beijing has displayed willingness to work with Washington to apply pressure, from signing on to UN sanctions to issuing a statement with US Secretary of State John Kerry last month urging North Korea to abandon its nuclear programs.
The state-run Bank of China Ltd. has notified the Foreign Trade Bank of North Korea that its account or accounts were being closed and all financial transactions suspended, said a bank spokeswoman, reading a brief statement. The spokeswoman for the Beijing-based bank did not identify the number of accounts closed or provide further details.
The move comes with the Chinese leadership’s growing frustration with North Korea’s young leader, Kim Jong Un, and the nuclear and missile tests his government has conducted, aggravating regional tensions.
In recent months, Beijing has displayed willingness to work with Washington to apply pressure, from signing on to UN sanctions to issuing a statement with US Secretary of State John Kerry last month urging North Korea to abandon its nuclear programs.
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