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China-Japan-Koreas
Swiss Ban on Luxury Exports 'Biting N.Korean Regime'
2016-06-24
A Swiss ban on exports of luxury goods to North Korea is weakening the regime's ability to buy the loyalty of the elite, Radio Free Asia reported Wednesday.

RFA quoted the Federation of the Swiss Watch Industry as saying North Korea bought 87 watches worth US$11,000 just between January to April this year, before the sanctions went into force in May. That rate suggests there will be a serious shortfall in gifts for top officials. Swiss sanctions will also affect other sectors like finance, RFA speculated.

On May 18, the Swiss government finally froze North Korean assets, closed bank accounts, and banned exports of 25 luxury items to the North.

The regime's imports of Swiss watches nearly doubled from $112,930 in 2011 to $201,880 in 2012 right after Kim Jong-un took power.

Sanctions drive Nork trading companies to default on payments
Chinese partners are taking it hard. Heh.
Posted by:Steve White

#3  150$ Swiss watch?

To paraphrase the great one:
Loose the cheap watch Kim
But Pudgy him give to me with personal guidance and a sardine!
Well then, what a beautiful watch, can I have part of the sardine?
Posted by: Shipman   2016-06-24 11:50  

#2  “Up until early May, payments normally wouldn’t be any later than 15 days, but now there are a lot of cases where companies have been unable to pay even half the amount owed over a month past the due date.”
Posted by: Frank G   2016-06-24 08:45  

#1  Now they have Iran to pick up the slack.
Posted by: Procopius2k   2016-06-24 07:43  

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