Tags: us | chinese | bank | north korea

US Targets Chinese Bank to Put More Pressure on North Korea

Image: US Targets Chinese Bank to Put More Pressure on North Korea
(Dollar Photo Club)

Thursday, 29 Jun 2017 02:35 PM

The Trump administration Thursday took steps to penalize a Chinese bank, a Chinese shipping company and two Chinese citizens in an attempt to cut off North Korea’s access to the international financial system.

The punitive measures ratchet up pressure the U.S. is applying on North Korea to halt its nuclear program by targeted Chinese entities that the administration said enable Kim Jong Un’s regime. President Donald Trump has been leaning on China to use its influence as North Korea’s main trading partner but has expressed some frustration recently with a lack of progress.

“While we will continue to seek international cooperation on North Korea, the United States is sending an emphatic message across the globe that we will not hesitate to take action against persons, companies, and financial institutions who enable this regime,” Treasury Secretary Steven Mnuchin said in a statement on Thursday.

The sanctions announced Thursday aim to curb North Korea’s ability to evade existing sanctions, according to the Treasury Department.

The U.S. is moving to prevent the Bank of Dandong from serving as “a conduit for North Korea to access U.S. and international financial systems,” the Treasury statement said. The U.S. said the bank helps facilitate transactions for companies involved in the country’s weapons programs. It is proposing to prohibit U.S. institutions from maintaining accounts for or on behalf of the Bank of Dandong.

Sanctions were imposed on Dalian Global Unity Shipping Co., a Chinese company that ships coal and steel between China and North Korea. Trump previously praised Xi, saying China had worked to stop coal shipments from going to China.

The sanctions also hit two Chinese citizens, Sun Wei and Long Hong Ri, who have worked to help North Korea evade sanctions, according to the Treasury Department

Trump said earlier this month that China’s efforts to contain North Korea had been unsuccessful.

“While I greatly appreciate the efforts of President Xi & China to help with North Korea, it has not worked out,” Trump tweeted on June 20. “At least I know China tried!

The comment came shortly after the death of Otto Warmbier, a U.S. citizen who was detained in North Korea for more than a year and returned to his parents in a coma.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
StreetTalk
The Trump administration Thursday took steps to penalize a Chinese bank, a Chinese shipping company and two Chinese citizens in an attempt to cut off North Korea's access to the international financial system.The punitive measures ratchet up pressure the U.S. is applying on...
us, chinese, bank, north korea
370
2017-35-29
Thursday, 29 Jun 2017 02:35 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved