China’s top banks have halted most transactions with North Korea, Financial Times reported. Beijing’s financial blockade of Pyongyang goes beyond the UN resolutions that call for the freezing of money that might contribute to North Korea’s nuclear and ballistic missile programs. Trade between China and North Korea has accelerated rapidly in recent years, affirming China as North Korea’s most important trading partner. Estimates say China accounts for nearly 90% of North Korea’s total exports and imports. Some small banks are still reportedly processing transfers to North Korea provided that they are for “normal trade” and not arms.
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