CHINA CLOSES ACCOUNT OF NORTH KOREAN BANK IN A FIRST EVER COMPLIANCE WITH INTERNATIONAL SANCTIONS AGAINST NORTH KOREA

 

One of China's largest banking institutions, which is state owned like all others in the country, has severed ties today with North Korea's main foreign bank, believed to be the bank that funds the North Korean nuclear program.  

In a first ever adherence to international sanctions against its close allies, China today in all effect cut ties with the bank, which will be subject of international sanctions soon.  

Many people see China's action as a welcome inclusion in the International consensus against the rogue nation.  

Although China did not give a reason for severing its ties with the bank, is it to be taken as a silent nod to those countries that are trying to rein in North Korea's ever more chaotic and frantic attempt at obtaining concessions through threats of nuclear strikes.  

The move also signals a growing concern on China's part of what seems like an increasing lack of control over the young UN, the third dictator of the dynasty.  In fact, it has even agreed to sanctions ordered by the U.N. against North Korea after the dictator went ahead with a third nuclear test after China had admonished him to show restraint, which are due to take effect very soon.

Japan also followed with similar action, while Australia is slated to do the same very soon.  

China is North Korea's sole ally and principal trade partner.  The amount of that trade is around 6 billion dollars.

Source : NPR news 5.7.13