Treasury sanctions Chinese firm and 2 citizens with ties to North Korea

Mnuchin Says Not Targeting China With North Korea Actions

Treasury Secretary Steven Mnuchin said this this is a "very significant" action as it cuts off "millions of dollars" from North Korean leadership.

Trump appeared encouraged by China's initial show of pressure on North Korea: Beijing banned imports of coal from North Korea in late February and Trump signaled that Chinese President Xi Jinping was understanding of the U.S.' grave concerns about advancements in North Korea's nuclear and ballistic missile programs.

"What we have to do is prepare all options because the President has made clear to us that he will not accept a nuclear power in North Korea and a threat that can target the United States and target the American population", McMaster said.

"The administration is right to target any around the world who act as financial lifelines to Kim Jong-un, and to give them a clear choice: You can do business with North Korea or with the United States, but not both", said Royce in a statement.

The chinese bank Bank of Dandong, located in the border city chinese of the same name, is "seen as a source of concern for money laundering", said the White House, the secretary of the Treasury Steven Mnuchin.

The announcement reflects growing USA frustration over China's efforts to enforce global penalties that are meant to starve North Korea of revenue for its nuclear and missile programs.

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The US has sanctioned Dalian Global Unity Shipping Co. for its alleged involvement in the smuggling of luxury goods into North Korea in defiance of a United Nations-mandated luxury goods ban. This action freezes the entire bank out of the U.S. financial system.

"If Trump wants to get serious about applying greater pressure on North Korea, at this point that will require a more coercive attitude toward China", Ratner said.

Anthony Ruggiero, a sanctions expert and former Treasury Department official, described it as a small Chinese bank "sitting at the heart" of trade between North Korea and China. "We are committed to targeting north Korea's external enablers and maximizing pressure on the North Korean regime". At least I know China tried!' Trump tweeted on June 20.

The sanctions also hit two Chinese citizens, Sun Wei and Long Hong Ri, who have worked to help North Korea evade sanctions by facilitating financial transactions, according to the Treasury Department.

Speaking alongside Moon in Congress, House Speaker Paul Ryan told reporters that the US and South Korea "shared concerns" about North Korea.

Mnuchin said the US would continue to look at other penalties that can be imposed on North Korea and that the topic will be on the agenda when Trump meets with other leaders of major economic powers at the Group of 20 summit next week in Germany.

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