“Our bank is fulfilling our international obligations…»
The Chinese government has ordered the nation’s banks to cease doing business with North Korea, which came as welcome and unexpected news to President Donald Trump.
Reuters reported that Chinese banks received a document on Monday stating that the directive was in compliance with U. N. sanctions passed by the Security Council last month.
“At present, management of North Korea-related business has become an issue of national-level politics and national security,” according to the document seen by the sources.
“Our bank is fulfilling our international obligations and implementing United Nations sanctions against North Korea. As such, we refuse to handle any individual loans connected to North Korea,” the document stated.
Banks have been instructed to stop providing financial services to new customers and to wind down loans to current customers.
The development came as welcome news to Trump, who announced China’s decision at a joint meeting at the United Nations with South Korean President Moon Jae-in and Japanese Prime Minister Shinzo Abe.
Trump first discussed an executive order that he had just signed expanding the federal government’s authority to prevent individuals, companies and financial institutions that finance and facilitate trade with North Korea from doing business in the United States.
