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China Banks Rein in Support for North Korea

IN THIS ISSUE: China banks rein in support for N. Korea, Senate bill aims to toughen Iran sanctions, Agni-6 with multiple warheads likely by 2017, Eastern US 'well protected' without proposed antimissile site, Paducah laser enrichment plant, Sen. Graham hints at possible compromise on DOE hold.

Published on May 14, 2013
 

China Banks Rein in Support for North Korea

Simon Rabinovitch | Financial Times

Bank of China

Top Chinese banks have halted most dealings with North Korea, an unprecedented move to use financial leverage against Pyongyang that reflects Beijing's exasperation with Kim Jong-eun's regime.

The Chinese financial blockade against North Korea goes beyond what Beijing had agreed to implement in UN resolutions, with several leading banks saying they have stopped all cross-border cash transfers, regardless of the nature of the business. A UN resolution this year only called for sanctions in cases where money might contribute to North Korea's nuclear and ballistic missile programmes.  Full Article



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