Chinese Banks Freeze Accounts, Ban Transfers for North Korean Citizens

A number of banks in the northeastern parts of China, including one of the largest offices of the Industrial and Commercial Bank of China (ICBC) have frozen savings accounts and introduced a ban on any transfers for North Korean citizens, a South Korean news outlet reported Monday.

TOKYO (Sputnik) — According to the Chosun Ilbo, citing one of the ICBC employees, in the Chinese city of Dandong, bordering North Korea, such measures were introduced in December 2015.

"We have never been explained the reasons according to which the bank introduced such measures, but it seems that they [measures] are related to deteriorated relations between China and North Korea," the employee said.

According to the newspaper, the financial restrictions for North Korean account holders may be further tightened following the US decision to impose additional sanctions on Pyongyang following the nuclear test and a missile launch.

Earlier this month, North Korea fired a long-range rocket to allegedly put a satellite into orbit in violation of a UN Security Council resolution. In January, Pyongyang declared that it had successfully carried out a hydrogen bomb test.