China to shut down North Korean firms under U.N. sanctions
Beijing [China], September 29 (ANI): Beijing, under United Nations sanctions imposed over Pyongyang's nuclear and missile programmes, has ordered North Korean-owned businesses in China to close by January, cutting foreign revenue for them.
ANI
Sep 29, 2017 04:39 IST
Beijing [China], September 29 (ANI): Beijing, under United Nations sanctions imposed over Pyongyang's nuclear and missile programmes, has ordered North Korean-owned businesses in China to close by January, cutting foreign revenue for them.
China's commerce ministry said on Thursday that companies, including joint ventures with Chinese firms, have 120 days to close from the date the U.N. resolution was adopted on September 11.
The sanctions, however, spare entities involved in non-commercial activities or public utility infrastructure projects that do not generate profits.
The latest round of sanctions approved by the U.N. Security Council bans member countries from operating joint ventures with North Korea.
China has long been considered North Korea's main trading partner, and also it diplomatic protector, but went along with the latest penalties out of growing frustration with the government of leader Kim Jong-un.
China, which provides the bulk of North Korea's energy supplies, announced on Saturday that it would cut off gas and limit shipments of refined petroleum products, effective January 1.
The United States had pressed China to use its economic leverage to force North Korea into giving up its nuclear ambitions.
U.S. Secretary of State Rex Tillerson will visit Beijing this weekend for talks with China's top diplomat, Yang Jiechi, and Foreign Minister Wang Yi. (ANI)
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