Saturday, 28 March, 2020

Watchdog: US sanctions Chinese, Russians over North Korea support

Treasury Secretary Steven Mnuchin walks through the lobby of Trump Tower in New York Treasury Secretary Steven Mnuchin walks through the lobby of Trump Tower in New York City U.S
Christy Curtis | 26 August, 2017, 01:10

In addition to providing financial and material support for North Korea's nuclear missile ambitions, the sanctioned entities are accused of helping North Korea export its workers (in arrangements that often amount to slave labor) and enabling sanctioned North Korean entities to "access the US and global financial systems".

The new sanctions are part of a broader U.S. effort to disrupt the flow of cash funding North Korean weapons programmes.

North Korea mocked U.S. President Donald Trump's tweeting habits, describing his statements on the social network as "weird" and "ego-driven" after Trump told supporters in Arizona Kim Jong Un has finally learned to "respect" the United States. "China economy, U.S. -China trade, but there's a way to do it", he said, suggesting the U.S. simply call out the banks and warn them of significant fines without freezing their assets or cutting them off from the U.S. financial system.

Ten Chinese and Russian companies as well as six individuals were named, some of whom are trading coal, oil and mineral resources with North Korea.

In a second lawsuit, China-based Dandong Chengtai Trading Limited and related companies are accused of laundering millions of dollars for North Korea through the purchase of coal.

"We guarantee the comprehensive safety of tourists who follow the law and order of the country", he said, adding that the country's nuclear capabilities "totally guarantee security and peace on the Korean peninsula".

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The US Treasury Department will soon impose economic sanctions on Russian and Chinese companies, along with individuals conducting business with North Korea.

Share your thoughts in the comment section or on the #AmoreNation community page. Measures taken by the United States are not helpful in solving the problem and unhelpful to mutual trust and cooperation. "And if the Trump administration is continuing this robust sanctions campaign, then the next level is going to be some kind of action against a Chinese bank, which I think the leadership in Beijing wants to avoid", Ruggiero told NPR.

Just one day after the drills kicked off, Pyongyang refused to negotiate on its nuclear deterrence, as what it called "an aggressive war scenario" targets North Korea and its leadership, according to North Korean diplomat Ju Yong-сhol, who addressed the United Nations disarmament forum on Tuesday. That company was designated a sanctioned entity by OFAC on June 1 for allegedly shipping more than $1 million of petroleum products to North Korea. Dandong Chengtai was added Tuesday to Treasury's list of sanctioned entities, along with Transatlantic and Velmur.

U.S. Treasury Secretary Steven Mnuchin at a press briefing at the White House.

A senior analyst David Thompson said the company represented nearly 10 percent of Chinese imports from North Korea thus defining the scale of their operation.

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