US Treasury sanctions Chinese bank for illegal N.Korea activity

US Treasury sanctions Chinese bank for illegal N.Korea activity

Photo Steven Mnuchin, the Treasury secretary, discussed the sanctions in a briefing at the White House on Thursday.

The sanctions freeze any USA assets it has and ban Americans and American companies from doing business with it.

Mnuchin said the United States hopes China will "continue to work with us" to pressure North Korea.

Mr. Mnuchin would not say if the United States warned China about the sanctions, but he said they were not meant as any sort of message to the Chinese government.

The U.S. Treasury Department has announced a series of sanctions and measures it plans to take.

"This is not directed at China, this is directed at a bank, as well as individuals and entities in China", he told reporters.

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He wrote: "While I greatly appreciate the efforts of President Xi & China to help with North Korea, it has not worked out".

-Chinese national Li Hong Ri, said to have established several front companies that end up benefiting Koryo Bank, a US -sanctioned conduct for financial transactions on behalf of North Korea.

Treasury Secretary Steven Mnuchin (mih-NOO'-shin) says the US still wants to work with China - even as the U.S.is penalizing a Chinese bank that's accused of illicit dealings with North Korea.

The Treasury also announced that US citizens will be generally prohibited from doing business with two Chinese citizens - Sun Wei and Ri Song Hyok, who are accused of establishing and running front companies on behalf of North Korea - and Dalian Global Unity Shipping, which is accused of transporting 700,000 tons of freight annually, including coal and steel products, between China and North Korea. We are in no way targeting China with these actions. "We are committed to targeting North Korea's external enablers" and increasing pressure on the regime until it ends its nuclear and ballistic-missile program. At least I know China tried! He needs to show he can manage this crucial bilateral relationship in order to have credibility going into that conference. It cited a United Nations expert panel as saying the company has violated a ban on trade in luxury goods with the North.

The Trump administration has imposed sanctions on a Chinese bank, a Chinese company and two Chinese citizens in an effort to crack down on North Korea's financing and development of weapons of mass destruction.

"You shut down one [bank or company doing illicit business], two weeks later it opens a mile away under another name", Glaser says.

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