Iraq's Central Bank Bans Financial Deals With North Korean Banks

Iraq's Central Bank Bans Financial Deals With North Korean Banks

 Central Bank of Iraq has prohibited financial deals with the banks of North Korea, after the United Nations Security Council imposed more sanctions on Pyongyang.

Iraqi Central Bank released a statement on Wednesday (August 9) saying the decision backs an adopted resolution to impose new sanctions on North Korea by the U.N. Security Council.

The central bank also called on all the Iraqi banks to avoid any kind of financial deals with the banks of North Korea.

The United Nations Security Council approved unanimously a U.S.-drafted resolution to impose sanctions on North Korea on August 5, which could slash by a third the Asian state's $3 billion annual export revenue over Pyongyang's two intercontinental ballistic missile tests in July.

The U.S.-drafted resolution bans North Korean exports of coal, iron, iron ore, lead, lead ore and seafood. It also prohibits countries from increasing the current numbers of North Korean laborers working abroad, bans new joint ventures with North Korea and any new investment in current joint ventures.

The unanimously adopted resolution adds nine individuals and four entities to the U.N. blacklist, including North Korea's primary foreign exchange bank, subjecting them to a global asset freeze and travel ban.