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N Korea 'has nuclear row funds' N Korea confirms funds transfer
(40 minutes later)
A Russian bank says it has transferred some $25m (£12.5m) to North Korea, removing a key obstacle that held up Pyongyang's nuclear disarmament deal. North Korea has confirmed it has received some $25m (£12.5m) of its funds following a row that had hindered progress on a nuclear disarmament deal.
Dalkombank, which acted as intermediary in the transfer of the funds, said the money was sent to North Korea's Foreign Trade Bank on Monday. The foreign ministry said in a statement: "The issue of the frozen funds has finally been settled."
North Korea said it would act on its pledge to shut down its main reactor once the funds issue was resolved. Pyongyang also said it would begin implementing a deal to shut down and seal its main nuclear reactor.
A team from the UN nuclear watchdog is due to visit the North on Tuesday. And it confirmed that a team from the UN's nuclear watchdog would visit on Tuesday, to discuss the process.
The head of the team, Olli Heinonen, arriving in China en route to Pyongyang, said the five-day visit would involve discussing how to verify shutting down and sealing the Yongbyon reactor. Washington's chief nuclear negotiator, Christopher Hill, said at the weekend that Pyongyang had agreed to shut down the reactor within three weeks.
This is the first visit by the International Atomic Energy Agency (IAEA) since its inspectors were forced to leave the country in 2002. Visit
'Imminent shutdown' The statement from the North Korean foreign ministry came through the official state media.
Dalkombank, based in Russia's Far East, confirmed on its website that the transfer of funds had gone ahead. The funds "have finally been transferred according to our demand," the Korean Central News Agency quoted the statement as saying.
"On 25 June the funds were transferred to the Bank of Foreign Trade of Korean Democratic Republic," the Russian bank said in a statement. Earlier, the Russian Dalkombank - which had acted as intermediary over the transfer - confirmed the money had been sent to North Korea on Monday.
N KOREA NUCLEAR DEAL N Korea to 'shut down and seal' Yongbyon reactor, then disable all nuclear facilitiesIn return, will be given 1m tonnes of heavy fuel oilN Korea to invite IAEA back to monitor dealUnder earlier 2005 deal, N Korea agreed to end nuclear programme and return to non-proliferation treatyN Korea's demand for light water reactor to be discussed at "appropriate time" Q&A: The bank row N KOREA NUCLEAR DEAL N Korea to "shut down and seal" Yongbyon reactor, then disable all nuclear facilitiesIn return, will be given 1m tons of heavy fuel oilN Korea to invite IAEA back to monitor dealUnder earlier 2005 deal, N Korea agreed to end nuclear programme and return to non-proliferation treatyN Korea's demand for light water reactor to be discussed at "appropriate time" Q&A: The bank row
"Therefore the problem of the funds transfer has been solved," it said. "Therefore the problem of the funds transfer has been solved," the bank said.
The money was frozen for nearly two years in a Macau bank after the US said it had been gained through drug smuggling and counterfeiting.The money was frozen for nearly two years in a Macau bank after the US said it had been gained through drug smuggling and counterfeiting.
The block on the money was lifted after North Korea agreed last February to "shut down and seal" its Yongbyon reactor in return for aid.The block on the money was lifted after North Korea agreed last February to "shut down and seal" its Yongbyon reactor in return for aid.
But the transfer of the money had been held up because of concerns within the international banking community about handling the funds.But the transfer of the money had been held up because of concerns within the international banking community about handling the funds.
The announcement comes two days after US chief nuclear negotiator Christopher Hill said Pyongyang had agreed to close the reactor within three weeks. The team from the International Atomic Energy Agency (IAEA) arrived in Beijing on Monday en route to Pyongyang for the five-day visit.
Mr Hill said the shutdown would take place after North Korea reached an agreement with the IAEA on monitoring the operation. The head of the team, Olli Heinonen, said they would be discussing how to verify the closure of Yongbyon.
He also said a fresh round of six-party disarmament talks would be held in July. It will be the first time the IAEA has visited the country since inspectors were forced to leave in 2002.