Politics

China’s Decision To Stop Dealing With North Korea ‘Momentous’ [VIDEO]

Liam Clancy Reporter
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Daily Caller Editorial Director Vince Coglianese called the People’s Bank of China’s decision to cease dealing with North Korean leader Kim Jong Un’s regime “momentous” on Fox Business Thursday.

“At this point it’s clear Kim Jong Un sees nuclear advancement as an insurance policy for the existence of his country. But one of the other insurance policies is dependence on China,” Coglianese explained.

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“China is the one superpower here that going to be able to lean on North Korea to potentially get some concessions,” and Coglianese believes the decision to cut Kim off from his funds is a powerful move that “cannot be understated.”

China’s central bank ordered other banks in the country to stop dealing with North Korea to comply with new sanctions passed by the United Nations Security Council, Reuters reported Thursday.  (RELATED: China’s Top Bank Orders Others To Cut Business Ties With North Korea)

President Trump announced new sanctions on North Korea via an executive order on Thursday.

“The new executive order will cut off sources of revenue that fund North Korea’s efforts to develop the deadliest weapons known to human kind,” Trump said. (RELATED: Trump Signs Executive Order Cracking Down On North Korea)