Russia to transfer DPRK funds via U.S. bank: S.Korean media

Russia has accepted a U.S. request to help facilitate the transfer of a 25 million-U.S. dollar funds of Pyongyang to push forward the progress of the six-party talks, South Korea's Yonhap News Agency reported on Sunday.

The United States is expected to temporarily bend its rules banning U.S. banks from dealing with the Macau-based Banco Delta Asia bank to carry out the international money transactions, Yonhap said, quoting South Korean government sources on condition of anonymity.

The name of a U.S. bank, which will play the intermediary role, will not be disclosed to help smooth the process, the source said, adding it would not be Wachovia Corp., the fourth largest U.S. bank that once considered helping with the fund transactions.

With the new idea, which the U.S. and Russia agree on, being pushed in a positive atmosphere, the chances for the transfer of the Democratic People's Republic of Korea (DPRK) funds are getting higher, the source said.

Under an agreement reached on Feb. 13 during the latest six- party talks, Washington agreed to unfreeze the money at the Banco Delta Asia bank while DPRK agreed to shut down its nuclear facilities in return for aid.

However, the transfer was not conducted due to difficulties in finding a financial institutions willing to do the transfer.

Source: Xinhua