China has taken a major step to put a halt to Kim Jong Un’s aggression. Japan’s Kyodo News Service reported that state Chinese banks are suspending transactions with North Korea. It will make doing business with North Korea almost impossible.
At least three major state banks — the Bank of China, China Construction Bank and Agricultural Bank of China — in the northeastern border city of Yanji have also banned North Koreans from opening accounts.
They haven’t frozen accounts which allows North Korea to still withdraw from them.
“This is being influenced by international sanctions against North Korea,” an employee of one bank said.
This follows the latest North Korean missile launch over Japan.
The UN Security Council unanimously voted to place sanctions against North Korea on Monday.
The economic sanctions required China to impose financial restrictions on North Korea. Banking restrictions from China are a major win for the White House given Trump has spent months asking China to become more serious about deterring the hostile regime.
Also, China accounts for roughly 90 percent of North Korea’s trade, and serves as its major oil supplier.
Economic sanctions have devastated North Korea’s crude oil and gasoline sales and will cripple their economy so long as they continue to threaten the U.S. and its allies.
Isolating North Korea could work.
Nikki Haley addressed sanctions Friday.
— CBS News (@CBSNews) September 15, 2017