Russia’s central bank has directed local institutions to halt financial transactions with North Korea, marking the latest in a string of countries joining the global sanctions push, a news report said Friday.
The central bank on Thursday circulated U.N. Security Council Resolution 2270 imposed in March, following Pyongyang’s nuclear and missile tests earlier this year, noting that the local banks can engage in wire transfers or other dealings with the North only upon U.N. approval, Radio Free Asia reported.
This picture taken on May 10, 2016 and released from North Korea`s official Korean Central News Agency (KCNA) on May 11, 2016 shows general view of a mass parade marking the end of the 7th Workers Party Congress in Kim Il-Sung Square in Pyongyang. (AFP-Yonhap)
In line with the sanctions, the bonds owned by blacklisted individuals and entities are to be immediately frozen, while any financial accounts suspected to be linked with the regime’s nuclear and missile programs should be closed, it added.
Seoul lauded the move, raising expectations for its impact on the North.
“We welcome that China, Russia and other countries around the world are joining these strong sanctions,” Unification Ministry spokesperson Jeong Joon-hee told a regular news briefing.
“The international community’s sanctions are expected to deal a substantial blow to North Korea.”
The report came shortly after Switzerland, where North Korean leader Kim Jong-un studied years ago, put in place a comprehensive package of measures including an asset freeze and financial embargo against the communist state.
Moscow’s participation bears particular significance given its long-standing ties with Pyongyang as an economic and political patron.
Russia’s Foreign Ministry said early this month it has been working to draft a presidential decree calling for a cessation of financial transactions with and mineral imports from the North.
On Thursday, the European Union council added 18 persons and one organization to its own blacklist according to the UNSC resolution.
Aside from the resolution, South Korea, the U.S., Japan and other countries have levied standalone measures chiefly intended to further squeeze Pyongyang’s financial and shipping networks, resources exports and sources of foreign currency. China, its top benefactor, has also slapped an embargo on some minerals and taken other punitive steps as part of the global campaign.
By Shin Hyon-hee (heeshin@heraldcorp.com)