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China Blasts U.S. Sanctions Over Bank's Ties to N. Korea

  • A commercial for the Bank of Dandong, near where the North Korean town of Sinuiju and China’s Dandong connect.

    A commercial for the Bank of Dandong, near where the North Korean town of Sinuiju and China’s Dandong connect. | Photo: AFP

Published 3 November 2017
Opinion

The punitive action against the financial institution comes as U.S. President Donald Trump prepares to visit several Asian countries, including China.

China has launched a withering attack on Washington a day after the U.S. placed sanctions on the Asian nation's Bank of Dandong in response to the financial institution's alleged ties with North Korea.

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Beijing "strongly opposes the long-armed jurisdiction imposed by any country," Chinese Foreign Ministry spokeswoman Hua Chunying told reporters Friday.

In June, the U.S. informed several firms they would be expelled from the U.S. banking system for colluding with Democratic People’s Republic of Korea (DPRK). Those the sanctions were finally put in place Thursday.

In September, Washington expanded sanctions against Pyongyang, targeting multiple financial institutions. The recent measures also ban ships and aircraft which have visited the DPRK from entering the U.S. for a period of 180 days.

The U.N. Security Council has unanimously imposed nine rounds of sanctions on North Korea since 2006, the latest of which were also agreed in September.

"We are meticulously following the clear stipulations on what is prohibited in the Security Council resolutions,” Chunying said. “In the meantime, every country has the right to conduct normal exchange activities that are not sanctioned by the Security Council.”

The sanctions target North Korea’s nuclear and missile programs, which the country has carried out in defiance of UNSC resolutions, insisting it will do whatever it takes to defend itself against U.S. aggression.

In addition to expelling the Bank of Dandong, the U.S. Treasury has also set new guidelines for international banks’ risk and compliance officers: a move intended to assist them in tracking North Korea's alleged “infiltration of world finance.”

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Relations between China and North Korea have become increasingly strained in recent months due to the latter's expanding nuclear program. As a result, China's relationship with the U.S. – its main trading partner – has also come under renewed pressure. The new measures have been put in place as Trump prepares to visit to several Asian countries, including China.

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