Posted on 06/12/2007 4:04:46 AM PDT by TigerLikesRooster
Russia in Breakthrough Over N.Korea’s Money
The U.S. and Russia have apparently agreed to use a Russian commercial bank for the epically delayed transfer of North Korean assets from a Macau bank. The U.S. government is hoping that its chief negotiator Christopher Hill will therefore be able to fly to Beijing and resume stalled six-nation talks on the North’s nuclear program this week, the Wall Street Journal reported Monday. North Korea has refused to return to the negotiating table until the transfer of the unfrozen assets from Banco Delta Asia is complete.
According to the U.S. daily, Washington and Moscow agreed to let Pyongyang transfer the US$25 million from BDA to its accounts with Russia’s Far East Commercial Bank this week. U.S. and Russian government already discussed the transfer; Russian financial authorities wanted the U.S. to guarantee that FECB will not face financial sanctions from the U.S. if it receives the North Korean funds, which remain designated illicit gains. The money will therefore likely be transferred via the New York Federal Reserve and Russia's central bank.
Ping!
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