25 August, 2017
The Treasury Department's Office of Foreign Assets Control issued a statement announcing that 10 companies and six individuals will be hit with economic sanctions created to put increased strain on North Korea and to hinder funding of its nuclear weapons program.
Manning noted that no major Chinese banks or companies have been targeted yet.
Japanese Chief Cabinet Secretary Yoshihide Suga said on Friday that Japan would freeze the assets four Chinese entities and one Chinese individual. Ten entities and six individuals have been hit by the sanctions for their ties with the North's nuclear program.
"We will keep an eye on them and, if appropriate, Treasury will look into it and then sanction them", she said, adding that the United States policy on North Korea has not changed.
Earlier in the month, the UN Security Council imposed new sanctions on Pyongyang in response to two long-range ballistic missile tests in July.
The measures follow new U.S. Treasury Department designations on Tuesday against entities and individuals in China, Russia, Singapore, and Namibia for supporting North Korea's special weapons programs, mineral trade and use of overseas labor.
As a result, Americans are prohibited from doing business with the designated people and companies.
Anthony Ruggiero, a senior fellow with the Foundation for Defense of Democracies, thinks the sanctions are a significant step forward - and part of a strategy by the Trump Administration to clamp down on those who continue to work with North Korea.
The blacklist of individuals was also expanded to include one Chinese and one North Korean citizen.
Washington's decision to impose sanctions follows a unanimous vote earlier this month by the UN Security Council, supported by both Russian Federation and China, to impose additional sanctions on North Korea. Tokyo's decision involves freezing the assets of those believed to be collaborating with the North Korean regime in exporting coal and sending labour overseas, and is meant to curb capital inflows into the rogue nation, in response to its military program escalation.
Both Beijing and Moscow fumed, releasing separate statements urging Washington to draw back the unilateral sanctions.
This is reported on the website of the US Department of Finance, news.am reported.
The reason for introduction of sanctions was cooperation with companies from North Korea, the OFAC said in its statement.
The North Korean missile program in particular has been moving ahead at a rapid pace.
Two of the firms that are affected by the new U.S. sanctions arrange for North Korean laborers to erect statues in other countries.
Another company, Mingzheng International Trading Limited, which maintains offices in Hong Kong and mainland China, was in fact a front for the Foreign Trade Bank, North Korea's main foreign exchange bank, the Treasury Department said.
