The U.S. Treasury Department declared it levied sanctions against several companies and individuals in China and Russia who have ties to North Korea. The decision was made in part as an effort to isolate Kim Jong-un after his continued testing of intercontinental missiles and nuclear weapons.
On Aug. 22, 2017, the sanctions against 10 businesses and six people were announced. The plan is to disrupt the economic support of Pyongyang, which allows the North Korean belligerent insistence on defying the Treaty on the Non-Proliferation of Nuclear Weapons (NPT).
The U.S. Secretary of the Treasury Steve Mnuchin explains: “We are taking actions consistent with UN sanctions to show that there are consequences for defying sanctions and providing support to North Korea, and to deter this activity in the future.” He clarified this by stating it was unacceptable for any entity to assist Kim’s project by generating “income used to develop weapons of mass destruction and destabilize the region.”
In June, the U.S. placed sanctions against the Bank of Dandong in China, which is believed to be laundering money for North Korea. The treasury included Dalian Global Unity Shipping Co Ltd., Sun Wei, and Li Hong Ri. They have been banned from doing business with any U.S.-tied entities.
The U.S. will continue to identify businesses and individuals that support the Kim regime and place restrictions on them. Mnuchin said the sanctions will help to isolate North Korea from the finances necessary to further their nuclear program.
By Cathy Milne
Sources:
The Washington Post: U.S. sanctions Chinese and Russian companies and individuals for conducting business with North Korea
Financial Times: US targets North Korean regime with new sanctions on Russian, Chinese entities
United Nations Office For Disarmament Affairs: Treaty on the Non-Proliferation of Nuclear Weapons (NPT)
Reuters: U.S. targets Chinese bank, company, two individuals over North Korea
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