US isolates North Korean banks, individuals over its nuclear weapons programme

Washington, September 27: The United States continues a string of financial blockades on North Korea over its nuclear weapons programme and testing of ballistic missiles. The Trump administration with an aim to pressurize North Korea and its allies have announced another round of economic sanctions against Pyongyang, blacklisting many banks and individuals in several countries.

 

The United States have blocked the Foreign Trade Bank of the Democratic People’s Republic of Korea and the Central Bank of Democratic People’s Republic of Korea. Also, the US has blocked eight North Korean banks including Agricultural Development Bank, Cheil Credit Bank, Hana Banking Corporation Ltd, International Industrial Development Bank, Jinmyong Joint Bank, Jinsong Joint Bank, Koryo Commercial Bank Ltd and Ryugyong Commercial Bank.

While, the US also designated 26 individuals who are representatives of North Korean banks operating in China, Russia, Libya, and the United Arab Emirates. On the other side, President Trump repeated his warnings of possible military action. President Trump said at a White House news conference on Tuesday that the US is totally prepared for military action which is not a preferred option.

Importantly, the strong reaction from the US president came a day after North Korea said that it was ready to defend itself by shooting down US bombers. North Korea's foreign minister Ri Yong Ho, who was in New York early this week, had accused Trump of declaring war against his country.

“We are targeting North Korean banks and financial facilitators acting as representatives for North Korean banks across the globe,” Treasury Secretary Steven Mnuchin said in announcing the sanctions. He said the sanctions were imposed to complement a Security Council resolution on Sept. 11 that represented the strongest penalties yet imposed by the world body on North Korea for its repeated nuclear and missile tests over the past decade.

Earlier, President Donald Trump signed a new executive order that boosts sanctions against North Korea over its nuclear weapons programme. The action by President Trump was taken with an aim to crack down on individuals, banks, and businesses that are involved in trade with North Korea to abandon its nuclear and ballistic missile programs.

Interestingly, the action comes less than two weeks after the UN approved new sanctions against the country over its latest nuclear test. Tensions have risen in recent weeks over the North's continued nuclear and ballistic missile tests, despite pressure from world powers to stop.