New North Korea Sanctions Target Shipping And Trade Industry

New North Korea Sanctions Target Shipping And Trade Industry
<a href="">conan_mizuta</a> / Pixabay

The U.S. has announced new sanctions aimed at stopping the flow of capital and resources to North Korea’s nuclear weapons program. The U.S. Treasury Department’s new North Korea sanctions are against nine entities, six shipping companies and ships, and 16 individuals who have connections with North Korea. In addition to North Korea-based entities, some individuals and entities in China and Russia are also included on the new list of sanctions.

North Korea sanctions target financial networks

The new North Korea sanctions include the nation’s Ministry of Crude Oil Industry, five shipping companies that are based in the country, and Hana Electronics JVC, the only electronics manufacturer based in North Korea.

The Trump administration also sanctioned five individuals in Russia and China, saying that they are tied to Pyongyang’s financial networks. Washington also sanctioned 10 individuals linked to the Korea Ryonbong General Corporation, which the United Nations had sanctioned previously. Treasury officials say that the firm’s focus is getting supplies or resources for Pyongyang’s defense industry and offering support for the nation’s military sales.

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New North Korea sanctions target shipping, trading and energy

The sanctions aimed at crippling North Korea’s nuclear program financially target entities and individuals in China and Russia. Dandong Jinxiang Trade Co. and Beijing Chengxing Trading Co., both of which are based in China, are on the new sanctions list released by the Treasury Department on Wednesday. Officials say the two firms exported goods valued at over $68 million to North Korea and also imported goods valued at $19 million from North Korea.

According to the Financial Times, Beijing is likely to by angered by the Trump administration’s move to impose secondary sanctions on Chinese firms. Chinese officials say they have been fully implementing the sanctions handed down by the UN against North Korea. Although the Trump administration has said that Beijing is going farther than it has in the past in the global pressure on North Korea, officials also say that not enough progress has been made.

Japan reports North Korean ship

The new North Korea sanctions from the Treasury Department come the same day Japan reported a North Korean tanker to the UN, reporting that it was believed to be operating in defiance of the agency’s sanctions. Japan’s Foreign Ministry officials said they reported a North Korean tanker that was observed in the East China Sea. Japanese officials said the tanker Rye Song Gang 1, which the UN blacklisted last month, was seen tied to the Dominican tanker Yuk Tung. They also said that they suspected that goods were being transferred between the ships in violations of the sanctions.

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