The foreign exchange bank was blamed by the US Treasury Department for its role in financing North Korea’s nuclear programs and is expected that the ban of banking business will hurt foreign trades with China.
Without mentioning the amount involved in the halted accounts, a notice has already been issued to the Foreign Trade Bank of North Korea about the cutoff of all financial transactions.
It is expected that the ban will have negligible effect on North Korea’s foreign transaction, as many other regional banks have the capability to execute foreign currency deals.
China, which has been one of the most important trade partners of North Korea, is also gearing up to support the international community’s effort to pressurize Pyongyang to abandon its nuclear program.
In April, Chinese President Xi Jinping said "no country should be allowed to throw a region and even the whole world into chaos for selfish gains."
