THREATS FROM NORTH KOREA: US imposes sanctions on North Korean banks

The US Treasury Department is intensifying measures to further pressure North Korea. The new sanctions target eight North Korean banks including Agricultural Development Bank and Cheil Credit Bank, as well as 26 North Korean nationals who are representatives of the country's banks operating in countries such as China, Russia, and Libya.

In a statement, Treasury Secretary Steven Mnuchin said the sanctions are aimed at fully isolating the regime to achieve Washington's broader goal of a peaceful and denuclearized Korean Peninsula. He added that the measures are in line with UNSC resolutions.

Washington now plans to implement a stricter secondary boycott that prohibits any financial institution doing business with the North from accessing the US international financial network, in order to cut off money funneled into Pyongyang's development of ballistic missiles and nuclear bombs.

Source: Arirang News