U.S. Senate proposes sanctions on Chinese banks doing business with North Korea

Almaty. November 8. Silkroadnews - The U.S. Senate Committee suggests imposing sanctions on Chinese banks doing business with North Korea, Fortune reported.
“The U.S. Senate Banking Committee unanimously backed new sanctions targeting Chinese banks that do business with North Korea, just before President Donald Trump visits Beijing for the first time since taking office,” the report said.
In addition to strengthening existing sanctions, this measure will focus on foreign financial institutions in China and other countries that provide services to countries that have been sanctioned by a presidential decree, the U.S. Congress or UN Security Council resolution.
The new sanctions have been supported by all 12 Republicans and 11 Democrats.
Democratic Senator Chris Van Hollen said that in addition to Chinese banks, Malaysian financial institutions may also be a subject to sanctions.
So far Washington has mainly refrained from imposing new sanctions on Chinese banks and companies doing business with North Korea, not to provoke countermoves from Beijing and, perhaps, far-reaching consequences for the world economy.
As reported, last week, Republicans and Democrats reached an agreement on the draft law on sanctions. The bill has been submitted to the House of Representatives. The leaders of the Senate, headed by the Republicans, did not give any comments regarding the terms of voting on the bill.