China tells its banks to stop doing business with North Korea

[Swordsmyth]

The People's Bank of China, the country's central bank, told banks to "strictly implement United Nations sanctions against North Korea," four sources told Reuters.
Reuters added that banks were "told to stop providing financial services to new North Korean customers and to wind down loans with existing customers."

More at: https://finance.yahoo.com/news/repor...165944507.html

[dannno]

Whatever you do, don't give any credit to Trump.

[goldenequity]

China caps oil supplies to N. Korea, bans gas exports & textile imports in line with UN sanctions
https://www.rt.com/news/404291-china-oil-textile-korea/

China is to limit the export of refined oil products
and
totally ban exports of liquefied natural gas and gas condensate to North Korea,
as well as textile imports from that country, the Ministry of Commerce has announced.

China will limit refined oil exports to North Korea to 500,000 barrels for the period from next Sunday, October 1, to the end of the year.

The UN resolution states that starting next year,
exports of the refined oil products such as gasoline, diesel, heavy fuel oil, etc. will be capped at 2 million barrels annually.

While these figures include total supplies to the North from all over the world, Beijing is Pyongyang’s main economic lifeline.
China will suspend the exports as the total approaches the ceiling, the Chinese Ministry of Commerce said in a statement.

Starting Saturday, Beijing is also halting the exports of liquefied natural gas and gas condensate.

The importing of North Korean textiles has been banned altogether
by Beijing in compliance with the UN Security Council (UNSC) resolution, and new shipments are now forbidden.
Goods that have already been sent or reached Chinese customs should be released not later than December 10th.

In August, China implemented another UNSC resolution against North Korea,
which targeted some key revenue sources of the communist state - coal, iron, and seafood exports among other goods,
depriving it of $1 billion annual foreign revenue.

Chinese Foreign Minister Wang Yi acknowledged that the UN resolution would affect the country’s economic interests,
but promised that China is prepared “to pay most of the price” for it.



In July, Beijing and Moscow proposed a ‘double-freeze’ plan,
which would see North Korea suspend its missile launches and nuclear tests in exchange for a halt in joint US-South Korea military drills.
That roadmap was rejected by Washington, with State Department stating that
the US is “allowed” to conduct exercises with its ally and “that’s just not going to change.”

[timosman]