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Chinese Banks to Halt Business With North Korea After Pressure From Trump Administration

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North Korea got some more bad news today, as China has decided to act on UN sanctions meant to cut funding to the rogue nation. Chinese banks have been ordered to stop doing business with North Korea. The move, if it sticks, will put a strangle hold on the economy of North Korea.

 

As Fox reports, “Chinese banks received a document Monday stating they should halt financial services and loans to new and existing North Korean customers as a result of strict U.N. sanctions passed earlier this month.”

Confirmation came in the way of an internal document being circulated at an unidentified Chinese bank. “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  read.

This news comes after a week of strong talk from the Trump administration and Trump himself. He spoke at the United Nations earlier in the week and slammed the organization’s failure to enforce the sanctions they themselves are holding out as a tool to encourage North Korea to give up its nuclear weapons program.

“North Korea’s reckless pursuit of nuclear weapons and ballistic missiles threatens the entire world with unthinkable loss of human life,” Trump said Tuesday, justifying his threats of force.

In an odd twist, South Korea has given North Korean aid. $8 million dollars worth of aid.

“The international community is strengthening sanctions and pressure against North Korea and even [President Moon Jae-in] is in the United States to strengthen international coordination against the North Korean problem,” Son Kim-ju, spokesman of the opposition People’s Party said. “If our government contradicts itself and beats to a different beat, it won’t be able to gain the approval of its own people, let alone other countries.”

Meanwhile, North Korea remains defiant. North Korean Foreign Minister Ri Yong Ho said Trump’s rhetoric is the nothing more than “the sound of a dog barking.”

“There is a saying that goes: ‘Even when dogs bark, the parade goes on,’” Ri said. “It would be a dog’s dream if [Trump] intended to scare us with the sound of a dog barking.”

The money headed to North Korea, in spite of all of the recent sanctions, is meant to benefit those who need the humanitarian aid the most.

As Fox notes, “[President] Moon previously said humanitarian aid and political issues should be handled separately. Seoul stopped the aid in January 2016 after Pyongyang conducted its fourth nuclear test. But after meeting with ministries and civilian experts, Moon decided to resume aid to help North Korean children and pregnant woman, the Unification Ministry said. The money is intended to support programs run by U.N. Children’s Fund and U.N. Food Program.”