~ Where the Sun Will Never Set on Our liberty ~
North Korea learned this week Chinese banks will no longer do business with the Hermit Kingdom, in the strongest sign yet pressure from the Trump administration to choke off funding to the rogue nation is working.
Chinese banks received a document Monday stating they should halt financial services and loans to new and existing North Korean customers as a result of strict U.N. sanctions passed earlier this month, a source told Reuters on Thursday.
“Our bank is fulfilling our international obligations and implementing United Nations sanctions against North Korea. As such, we refuse to handle any individual loans connected to North Korea,” the document reportedly said.
The move comes after repeated calls from the Trump administration for China to help cut the flow of money to Kim Jong Un's dictatorship in an effort to cripple the regime’s missile and nuclear programs. China and Russia agreed to the recent UN sanctions against North Korea, which included a ban on natural gas liquids and condensates. But Trump has explicitly called out China on Twitter, writing he’s “very disappointed” in the country and accusing them of “doing NOTHING for us with North Korea.”
China, North Korea's closest ally, has urged a diplomatic solution to solve the current crisis. “War Stories” host Lt. Col. Oliver North told Fox News on Monday, however, he believes China will only truly try to tame its volatile neighbor if it believes Trump could take military action.
“They [China] don’t think we are really sincere about military action. It’s going to take action, not words," North said.
China's surprising instructions to banks this week, however, were at least partially undermined when South Korea on Thursday approved $8 million in supposed humanitarian aid to North Korea.
Some South Korean officials fear the new aid will send a mixed signal to international leaders. Son Kim-ju, a lawmaker and spokesman of the opposition People’s Party, told The Associated Press the announcement is “badly timed.”
"The international community is strengthening sanctions and pressure against North Korea and even [President Moon Jae-in] is in the United States to strengthen international coordination against the North Korean problem," Son said. "If our government contradicts itself and beats to a different beat, it won't be able to gain the approval of its own people, let alone other countries."
NOW all they have to do is stop the "illegal" trade with NK which is normally done on a cash basis and does not depend on the banks.
It would actually be a wonderful thing IF China follows through with that too. I don't think China wants to lose trade with the United States.