Trump administration sanctions North Korea
MAXIMUM PRESSURE Chinese banks serving as North’s conduit may be hit WASHINGTON:
The Trump administration is poised to announce new sanctions on North Korea on Tuesday after declaring it a state sponsor of terrorism in the latest push to isolate the pariah nation.
North Korea on Monday joined Iran, Sudan and Syria on the terror blacklist, a largely symbolic step as the administration already has the authority to impose virtually any sanctions it wants on Kim Jong Un’s government over its nuclear weapons development.
As part of its “maximum pressure” campaign, President Donald Trump said the Treasury Department would impose more sanctions on North Korea and “related persons” starting on Tuesday, without hinting who or what would be targeted. It is part of rolling effort to deprive Pyongyang of funds for its nuclear and missile programs and leave it internationally isolated.
“It will be the highest level of sanctions by the time it’s finished over a two-week period,” Trump said.
Secretary of State Rex Tillerson said Monday the pressure campaign was starting to bite in Pyongyang, which is already facing unprecedented UN-mandated sanctions over its nuclear and ballistic missile tests. Tillerson said anecdotal evidence and intelligence suggests the North is now suffering fuel shortages, with queues at gas stations, and its rev- enues are down.
In Tokyo, Japan’s Prime Minister Shinzo Abe welcomed the move, telling reporters Japan supports the step as a way to increase pressure on North Korea.
In September, Trump opened the way for the U.S. to punish foreign companies dealing with North Korea. He issued an executive order expanding the Treasury Department’s ability to target anyone conducting significant trade in goods, services or technology with the North, and to ban them from interacting with the U.S. financial system.
A potential target of the sanctions would be Chinese banks that serve as North Korea’s conduit to the international system.