Bank Sputnik connection to North Korea suspended, exposing UN to vulnerabilities
Cause of dispute between DPRK's Foreign Trade Bank and Bank Sputnik unclear
The only remaining international banking connection between North Korea and the outside world was suspended on 15 September and is yet to reopen, making the United Nations Country Team (UNCT) vulnerable to significant cash-flow problems, documents reviewed by NK Pro and sources indicated.
The Russia-based Bank Sputnik, which had provided the sole channel for UN agencies to obtain money for humanitarian purposes into North Korea between late 2016–2017, is no longer able to process transactions to the DPRK, with an apparent dispute remaining unresolved.
“The closure of banking channels leads UN agencies and partners to adopt cash
- 01North Korea’s Central Bank: lender, regulator, and inflation fighter
- 02The “silent war”: Kim Jong Un’s battle for North Korean hearts and minds
- 03In review: inter-Korean relations, prospects for change since the Hanoi summit
- 04North Korean criticism of U.S. for joint drills could signal bigger policy shift
- 05The View from Jingshan: anniversary of Sino-DPRK ties passes without a summit
- 06North Korea in October 2019: a month in review and what’s ahead
- 07What to make of North Korea’s third successful MRLS test this year
- 08North Korean media coverage of the October 31 weapons test: some oddities