Report: China canceled joint venture bank with North Korea

SEOUL, Sept. 1 (UPI) — Plans for a bank China was forming as a joint venture with North Korea were reportedly canceled in compliance with United Nations Security Council sanctions Resolution 2270.

A South Korean diplomat who spoke to local media on Thursday said Beijing has been taking important steps to apply the rules of the North Korea embargo.

China has not only withdrawn plans to cooperate with North Korea on a new bank, but all Chinese branches of North Korea banks were also shut down in compliance with international sanctions, the official said.

Other U.N. member states have also been been taking steps to comply with sanctions on North Korea in the first half of 2016, South Korean news service Newsis reported.

The International Association of Classification Societies in London, an umbrella organization for 12 marine classification societies, has been complying with South Korea’s request to not provide North Korean vessels with services.

The Netherlands has also reportedly stopped providing insurance for North Korean vessels, the official said.

In Africa, Namibia has banned all activities of the Korea Mining Development Trading Corporation, or KOMID, and has stopped all activities of the construction firm Mansudae Overseas Projects.

KOMID is Pyongyang’s primary arms dealer.

Angola has suspended all commercial exchange with North Korea, and is taking steps to prevent North Korean firms from operating in the country, according to the report.

Angola has historically maintained friendly relations with Pyongyang.

The sanctions have also been effective in banning North Korean ships from accessing international ports, News 1 reported.

A total of 26 vessels under North Korean shipping company Ocean Maritime Management have been banned from docking overseas.

So far 53 countries have submitted reports on sanctions implementation and dozens of other member states are in the process of submitting documentation, the official said.



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