New US penalties on Chinese, Russian firms over N Korea

The Trump administration yesterday imposed sanctions on 16 mainly Chinese and Russian companies and people for assisting North Korea’s nuclear and ballistic missile programs and helping the North make money to support those programs.

The penalties are intended to complement new UN Security Council sanctions and further isolate North Korea for its nuclear and missile tests amid heightened tensions that have led to threats from both sides, the Treasury Department said in a statement. The 16 affected entities either do business with previously sanctioned companies and people, work with the North Korean energy sector, help it place workers abroad or facilitate its evasion of international financial curbs.

The measures block any assets they may have in US jurisdictions and bar Americans from transactions with them. “It is unacceptable for individuals and companies in China, Russia, and elsewhere to enable North Korea to generate income used to develop weapons of mass destruction and destabilize the region,” Treasury Secretary Steven Mnuchin said. “We are taking actions consistent with U.N. sanctions to show that there are consequences for defying sanctions and providing support to North Korea, and to deter this activity in the future.”

Among those sanctioned are six Chinese companies, including three coal companies; two Singapore-based companies that sell oil to North Korea and three Russians that work with them; a Russian company that deals in North Korean metals and its Russian director; a construction company based in Namibia; a second Namibia-based company, and its North Korean director, that supplies North Korean workers to build statues overseas to generate income for the North. — AP