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China helps Russia thwart US bid to freeze bank’s assets over ‘North Korea sanctions dodge’

Beijing and Moscow show willingness to cooperate after US request for UN sanctions committee to act against Russian bank and North Korean official

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The US asked the UN to freeze the assets of Agrosoyuz Commercial Bank for allegedly helping North Korea evade financial sanctions. Photo: Handout

China and Russia blocked a request from the United States to add a Russian bank to a United Nations sanctions blacklist along with a Moscow-based North Korean banker and two companies on Friday, in the latest move showing Beijing and Moscow are strengthening their political ties amid tensions with Washington.

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The US last week asked the UN sanctions committee to place an asset freeze on Agrosoyuz Commercial Bank for allegedly helping North Korea to evade the UN-imposed restrictions on its financial transactions. The request also targeted Ri Jong-won, the deputy representative in Moscow of North Korea’s Foreign Trade Bank.

The UN blacklisted Ri’s employer, North Korea’s primary foreign exchange bank, in August last year.

The US’ request followed a US Treasury Department decision to impose unilateral sanctions on the Russian bank, the North Korean official and the two entities.

The two companies were named as Dandong Zhongsheng Industry & Trade Company, based in China, and the North Korea-based Korea Ungum Corporation.

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