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China bans new business with North Korea in line with sanctions

LiveMint logoLiveMint 26-08-2017 Christian Shepherd

Beijing: China’s commerce ministry late on Friday banned North Korean individuals and enterprises from doing new business in China, in line with United Nations Security Council (UNSC) sanctions passed earlier this month.

New joint venture enterprises, new wholly owned businesses and the expansion of existing entities involving North Korean individuals or companies are prohibited in China, according to a notice released on the ministry’s website.

Applications for Chinese new or expanded investment in North Korea by Chinese companies would not be approved, the ministry said. The new measures take effect immediately.

New sanctions by China, Japan, the United States and the United Nations are aimed at pressuring Pyongyang to end its nuclear weapons programme. Reuters

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