US announces “largest ever” sanction package for North Korea with warning of phase II
Washington, February 24: North Korea soon to face another major setback as the United States will impose the "largest-ever" package of sanctions on North Korea. US President Donald Trump has said this fresh set of sanctions will be “largest ever”.
The new sanction targets one individual, 27 entities, and 28 vessels located, registered, or flagged in North Korea, China, Singapore, Taiwan, Hong Kong, Marshall Islands, Tanzania, Panama, and Comoros.
“Treasury is aggressively targeting all illicit avenues used by North Korea to evade sanctions, including taking decisive action to block the vessels, shipping companies, and entities across the globe that work on North Korea’s behalf. This will significantly hinder the Kim regime’s capacity to conduct evasive maritime activities that facilitate illicit coal and fuel transports, and erode its abilities to ship goods through international waters,” said US Treasury Secretary Steven Mnuchin.
In last December, North Korea test fired a missile, which they claimed could target US mainland. After that US warned several times of tougher sanctions directed at North Korea’s shipping operations. Hence this is targeted to squeeze revenue of North Korea to put economic pressure.