U.S. Targets North Korean Banks, Individuals With New SanctionsBy
Treasury sanctions 26 individuals, 8 banks in North Korea
Punitive measures in response to North Korean weapons program
The U.S. stepped up measures to further choke off North Korea from the international financial system by imposing new sanctions on banks and individuals linked to the country’s financial networks.
The Treasury Department designated eight North Korean banks and 26 North Korean nationals who act as representatives for the country’s banks, operating in China, Russia, Libya and the United Arab Emirates. The department identified the Central Bank of Democratic People’s Republic of Korea and the Foreign Trade Bank of the Democratic People’s Republic of Korea as “blocked agencies.”
“This further advances our strategy to fully isolate North Korea in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula,” Treasury Secretary Steven Mnuchin said in a statement on Tuesday announcing the measures. “This action is also consistent with UN Security Council Resolutions.”
The U.S. has gamed out four or five different scenarios for how the crisis with North Korea will be resolved as tensions remain high between the two countries. Both governments have said “all options” are on the table.