Published: Thu, September 14, 2017
World | By Paul Elliott

China's big banks halt services for North Koreans

China's big banks halt services for North Koreans

It also bans all textile exports and prohibits any country from authorising new work permits for North Korean workers - two key sources of hard currency for the northeast Asian nation. "The forthcoming measures [.] will make the U.S. suffer the greatest pain it ever experienced in its history".

And the US ambassador, Nikki Haley, says the resolution is meant to starve the regime of the money it needs to develop its nuclear and missile programs.

"We are not looking for war".

The measures approved by the security council this week build off sanctions across numerous sectors of the North Korean economy imposed in early August. "The choice is theirs". Significantly, it stopped short of imposing a full embargo on oil exports to North Korea, most of which come from China.

US President Donald Trump will visit China in November, a person familiar with his plans said, as tensions flare on the Korean peninsula due to Pyongyang's nuclear and missile tests.

Under the measure, countries are authorised to inspect ships suspected of carrying banned North Korean cargo but must first seek the consent of the flag-state.

Sanctioning designated North Korean government entities.

The resolution follows the condemnation by the Council of the nuclear test carried out by DPRK on 3 September of this year and its violation of eight resolutions dating back to 2006 which could have "large-scale regional security implications".

Russian Federation and China are pushing for talks with North Korea, but the US rejects their proposal for a freeze on Pyongyang's missile and nuclear tests in exchange for a suspension of US-South Korean military drills.

And Mark Fitzpatrick, the executive director of the International Institute for Strategic Studies office in Washington, toldThe New Yorker that Kim's fanatical soldiers might use guerilla tactics against U.S. forces in the North.

The foreign minister, who will be in NY next week for UN leadership meetings, called on all nations to fully implement the sanctions. There is also a limit on imports of oil and oil products and a ban on new visas for workers. This was the product of negotiations with China, the key player here and North Korea's main trading partner, as well as with Russian Federation and the other Security Council members.

But analysts were sceptical about their impact.

Haley said the resolution aimed to hit “North Korea's ability to fuel and fund its weapons program.” Trump has vowed not to allow North Korea to develop a nuclear missile capable of hitting the mainland United States. Here we take a look back at the United Nations sanctions since 2006.

A person answering the customer hotline at the world´s largest lender, Industrial and Commercial Bank of China Ltd (ICBC), said the bank had stopped opening accounts for North Koreans and Iranians since July 16.

State Department and Treasury Department officials are testifying to the House Foreign Affairs Committee about the pressure campaign against North Korea's weapons development. The test spurred global concern that Pyongyang may be planning more such tests.

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