After the UN Security Council resolution, Chinese banks tightened policies against customers from North Korea

Four of China’s largest bank controlled by the state stop servicing citizens and organizations of North Korea, including the opening of new accounts, Reuters reports. True, some senior employees of these banks with whom the agency talked are not sure that the restricted restrictions will be carefully executed.

“To ask the question of whether we can ensure compliance with new rules, is like asking how carefully the banks adhere to the principle of“ Know your client, ”explained the senior corporate banker Bank of China, who wished to remain anonymous due to the“ sensitivity of the problem. ”“ The holes will always be found, ”she added.

It should be noted that on September 10, the largest Chinese banks have already frozen the transfer of funds on existing accounts of citizens with passports of the Korean People's Democratic Republic.

Presumably, this could become a form of China’s own sanctions against the DPRK in connection with the active development of the missile program and a recent test of nuclear weapons amid criticism of the United States, which reproach China in inaction and threaten Chinese financial institutions in this connection.

In addition, from May to July, the volume of exports to North Korea kerosene and oil amounted to 19.7 thousand tons, which is 75% less than in the same period of last year. The agency believes that this is not least due to difficulties in paying for oil due to sanctions regarding the financial institutions of the DPRK.

The UN Security Council on September 11 adopted a resolution on tightening sanctions against North Korea in connection with the next nuclear test conducted by this country. The document introduced by the US delegation received the support of all members of the Security Council, including Russia and China.

The DPRK on September 3 announced a successful test of hydrogen ammunition, which is designed to equip intercontinental ballistic missiles. This was the sixth nuclear test of North Korea. Five days before, the DPRK conducted tests of a ballistic missile, which flew through the territory of Japan.