North korea: first us sanctions against a chinese bank

Mnuchin Says Not Targeting China With North Korea Actions

Mnuchin Says Not Targeting China With North Korea Actions

The Bank of Dandong will no longer be able to access the USA financial system "either directly or indirectly" and called the action "very significant", Mnuchin said.

President Trump has always been pushing China to do more to rein in the North Korean regime and its leader Kim Jong-un.

"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.

The Treasury Department calls the Bank of Dandong a "primary money-laundering concern" and is proposing severing the bank from the USA financial system, pending a 60-day review period.

Top Trump administration officials on Wednesday warned publicly and privately that the U.S.is nearing an inflection point in its efforts to pressure North Korea into abandoning its bellicose behavior, suggesting that Trump might seek to crank up diplomatic and economic pressure on China - which accounts for almost 90% of North Korea's foreign trade.

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The Treasury also announced that US citizens will be generally prohibited from doing business with two Chinese citizens - Sun Wei and Ri Song Hyok, who are accused of establishing and running front companies on behalf of North Korea - and Dalian Global Unity Shipping, which is accused of transporting 700,000 tons of freight annually, including coal and steel products, between China and North Korea.

Anthony Ruggiero, a sanctions expert and former Treasury Department official, described it as a small Chinese bank "sitting at the heart" of trade between North Korea and China.

But he warned that Treasury will "follow the money" and take action where needed to cut off illegal finance.

China, which borders North Korea and is considered its only major ally, argues that negotiations are the best way to persuade it to halt its nuclear and missile activities.

Speaking alongside Moon in Congress, House Speaker Paul Ryan told reporters that the US and South Korea "shared concerns" about North Korea.

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The Trump administration in March slapped sanctions against several Chinese businesses and individuals.

Despite multiple UN Security Council resolutions imposing worldwide sanctions, North Korea continues its nuclear and ballistic missile programmes, he said.

Mnuchin said the decison will require U.S. banks to ensure that the Bank of Dandong does not access the USA financial system directly or indirectly through other foreign banks.

"Right now we see no evidence that they are seeking to reduce the threat from nuclear weapons or ballistic missile technology".

Washington's UN Ambassador Nikki Haley recently fielded questions from members of the US House foreign relations committee on the effectiveness of US efforts to influence Haley's UN counterparts on a North Korea strategy.

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Opposition leader Jeremy Corbyn denounced the speech, arguing that May had delivered a "threadbare" program devoid of new ideas. What traditions will stay the same? After the usher knocks three times , the MPs emerge and follow him to the House of Lords.

Though parts of the Terminal High-Altitude Area Defense (THAAD) system are already in place, Moon suspended further deployment following a furious campaign of economic sanctions and diplomatic protests by Beijing.

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