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Russia’s Foreign Ministry restricts ties with North Korean banks

May 06, 14:07 UTC+3 MOSCOW
The ministry has prepared a draft decree, which almost totally freezes financial ties with North Korea
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© Gennady Khamelyanin/TASS, Archive

MOSCOW, May 6. /TASS/. Russia’s Foreign Ministry has prepared a draft decree, which almost totally freezes financial ties with North Korea (DPRK) in line with the resolution of the United Nations Security Council.

"To assume measures needed for closing subsidiaries, branches and representative offices of banks of the DPRK within the Russian Federation, joint ventures with banks of the DPRK, restriction of equity participation in banks of the DPRK, correspondent banking relationships with banks of the DPRK within a 90-day period starting March 2, 2016 - the date of adoption of the UN Security Council resolution 2270," the document published on the federal portal of draft regulatory acts, says.

Also, the draft decree stipulates measures to close down all existing representative offices and subsidiaries of banks and banking accounts in the DPRK within a 90-day period starting March 2, 2016 in case the Russian Federation "obtains information, which gives reasons to believe that respective financial services may push forward implementation of the nuclear program by the DPRK or the ballistic missile program, or other kinds of activity."

On March 2, the United Nations Security Council unanimously passed resolution 2270 on tougher sanctions against North Korea in retaliation for Pyongyang’s tests of nuclear weapons and the use of a ballistic missile to launch a satellite.

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