US announces new sanctions on North Korean banks and banking officials

Treasury Secretary Steven Mnuchin points to a reporter to take a question during the news briefing at the White House, in Washington, Aug. 25, 2017. (Photo Courtesy: AP)

The U.S. Department of the Treasury announced new sanctions Tuesday targeting eight North Korean banks, as well as 26 DPRK banking officials.

The Treasury Department’s release said the action “targets North Korean use of the international financial system to facilitate its WMD and ballistic missile programs.”

“This further advances our strategy to fully isolate North Korea in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula,” said Treasury Secretary Steven Mnuchin. “This action is also consistent with United Nations Security Council resolutions.”

Earlier this month the UN Security Council adopted a new round of economic sanctions against North Korea following Pyongyang’s test of what may have been a hydrogen bomb.

If fully implemented, the new sanctions would cut a third of North Korea’s oil imports, and reduce by more than half, the country’s gas, diesel and heavy fuel oil imports, while completely banning the import of natural gas and other oil substitutes.

North Korea condemned the UN action, calling it a “full-scale economic blockade” that was aimed at “completely suffocating” the North Korean people.

The 26 North Korean nationals sanctioned Tuesday by the U.S. live abroad but work for North Korean banks. Nineteen are living in China, three are based in Russia and two each are living in Libya and the United Arab Emirates. | via Voice of America

Popular

PBBM: Launch of new dairy farm to boost local milk production, supply

By Ruth Abbey Gita-Carlos | Philippine News Agency President Ferdinand R. Marcos Jr. on Friday expressed optimism that the inauguration of the Farm Fresh Milk...

PBBM leads distribution of various aid to Aeta communities in Pampanga

By Brian Campued In celebration of the National Indigenous Peoples Month this October, President Ferdinand R. Marcos Jr. led the turnover of various forms of...

PBBM vows sustained recovery efforts in Cebu after deadly quake

By Brian Campued President Ferdinand R. Marcos Jr. on Thursday assured Cebuanos that the government will continue to provide assistance in Cebu as it reels...

PBBM to soldiers: Serve the citizenry, protect the homeland

By Dean Aubrey Caratiquet “Panata ito ng katapatan sa tungkulin at paninindigan para sa bayan.” At the oath-taking ceremony of 29 newly promoted generals and flag...