New Sanctions on North Korea

Sep 22, 2017

The Trump administration imposed a new round of sanctions on North Korea on Thursday. Treasury Secretary Mnuchin told the head of China’s central bank that the Trump administration was planing to “sanction any financial institutions doing business with North Korea. “Hours later, the People’s Bank of China announced it was directing all other banks in China to halt financial transactions with North Korea.” The new presidential executive order expands the Treasury’s “ability to freeze the assets of banks or individuals doing business with Pyongyang.” The president said that North Korea has had access to the international financial system for too long and that it was using it to fund it “nuclear weapons and missile programs.” After the executive order was signed, China announced that all banks in China should “halt financial transactions with North Korea.”