China's big banks halt services for North Koreans, tellers say

[OmniConsUme]

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[QUOTE]SHANGHAI (Reuters) - China’s Big Four state-owned banks have stopped providing financial services to new North Korean clients, according to branch staff, amid U.S. concerns that Beijing has not been tough enough over Pyongyang’s repeated nuclear tests.

Tensions between the United States and North Korea have ratcheted up after the sixth and most powerful nuclear test conducted by Pyongyang on Sept. 3 prompted the United Nations Security Council to impose further sanctions on Tuesday.

Chinese banks have come under scrutiny for their role as a conduit for funds flowing to and from China’s increasingly isolated neighbor.

China Construction Bank (CCB) (601939.SS) has “completely prohibited business with North Korea”, said a bank teller at a branch in the northeastern province of Liaoning. The ban started on Aug. 28, the teller said.

Frustrated that China had not done more to rein in North Korea, the Trump administration was mulling new sanctions in July on small Chinese banks and other firms doing business with Pyongyang, two senior U.S. officials told Reuters.

A person answering the customer hotline at the world’s largest lender, Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), said the bank had stopped opening accounts for North Koreans and Iranians since July 16. The person did not explain why or answer further questions.[/QUOTE]

[chipsnapper]

Is this the beginning of Russia’s and the end of China’s NK support?

[Skarphedinn]

[QUOTE=chipsnapper2;52675172]Is this the beginning of Russia’s and the end of China’s NK support?[/QUOTE]

I think China hasn't supported North Korea in a good long while. They just don't want to deal with the fallout that would head their way whenever North Korea collapses.

[Popularvote]

[QUOTE=chipsnapper2;52675172]Is this the beginning of Russia’s and the end of China’s NK support?[/QUOTE]
I'm sure Russia is salivating at the prospect of getting a toehold next to their 2nd biggest rival.

[TheTalon]

Russia shares a bit of a border with North Korea. They have forces there and are ready to make a land grab