Wednesday, November 14, 2018
Advertisement

China expels North Korean firms

China expels North Korean firms
September 28
16:26 2017
Advertisement

After the UN Security Council passed new sanctions two weeks ago, the Chinese commerce ministry said North Korean firms and joint ventures in China would be closed within 120 days.

Following North Korea’s sixth and largest nuclear test this month, the UN Security Council voted unanimously to expand sanctions on Pyongyang.

It has halted the country’s textile exports and capped fuel supplies.

It is the ninth UN Security Council sanctions resolution over North Korea’s ballistic missile and nuclear programmes since 2006.

Last week, China’s central bank told the country’s lenders to strictly implement UN sanctions against North Korea.

They were ordered to stop providing financial services to new North Korean customers and to wind down loans with existing customers. Chinese banks have been accused of transferring funds to and from Pyongyang.

Sources told Reuters the banks were warned of the economic losses and risks to their reputation if they did not comply.

On Tuesday, the US announced sanctions against eight North Korean banks and 26 individuals. The new punitive measures followed President Donald Trump’s executive order targeting North Korea’s access to the international banking system.

Washington repeatedly raised concerns that Beijing has not been tough enough over Pyongyang’s nuclear tests, warning that any threat from North Korea would trigger an “overwhelming” response.

China’s President Xi Jinping assured Trump that Beijing remains committed to denuclearising North Korea and remains firm in its wish to resolve the issue through talks leading to a peaceful settlement.

Recently tension has been escalating between the US and North Korea. Washington and Pyongyang have exchanged a series of threats, vowing to destroy one another.

Last week, North Korean leader Kim Jong-un threatened to launch a nuclear strike against Washington after Trump threatened to “totally destroy” North Korea if it attacks the US or its allies.

Pyongyang said the US has declared war, and “will have every right to take countermeasures, including the right to shoot down US strategic bombers even when they are not inside the airspace of our country.”

The threat came after Trump tweeted that North Korean leader Kim Jong-un “won’t be around much longer.” The White House later denied the US had declared war on North Korea.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement

Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement