China orders closure of North Korean firms in country

All North Korean companies have been ordered to stop doing business in China. Said the commerce ministry.

 

The ministry said the companies, including joint ventures with Chinese firms, have 120 days to close from the date the United Nations resolution was adopted, September 11.

 

The UN Security Council passed new sanctions two weeks ago, the Chinese Commerce Ministry said North Korean firms and joint ventures in China would be closed within 120 days.

 

Following North Korea’s sixth and largest nuclear test this month, the UN Security Council voted unanimously to expand sanctions on Pyongyang. It has halted the country’s textile exports and capped fuel supplies.

 

It is the ninth UN Security Council sanctions resolution over North Korea’s ballistic missile and nuclear programs since 2006.

 

Last week, China’s central bank told the country’s lenders to strictly implement UN sanctions against North Korea. They were ordered to stop providing financial services to new North Korean customers and to wind down loans with existing customers. Chinese banks have been accused of transferring funds to and from Pyongyang.