North Korea’s first and only law firm, Hay, Kalb & Associates says it will suspend operations.

Michael Hay, who has represented foreign clients in Pyongyang for 12 years, said on Monday in a statement that he made the decision based on “business and geopolitical principles.”

The British-French citizen, who has operated the joint venture with the North Korean government, said that the decision was taken only after thorough deliberations and an examination of the continuing deterioration of regional relations pertaining to the Korean Peninsula.

He said that it is not unreasonable to assume that no meaningful change or indicator of change in relations will occur until after the inauguration of the next United States president on January 20th next year.