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US Imposes More Economic Sanctions Against N. Korea

Posted August. 01, 2009 07:33,   


The U.S. government has instructed American banks to use extra caution in conducting transactions with North Korean companies and individuals, and is considering sanctioning more business entities from North Korea.

Philip Goldberg, an official in charge of sanctions against North Korea at the U.S. State Department, said Thursday, “Financial companies must use caution in dealing with not only companies listed on the U.N. blacklist subject to sanctions, but all North Korean companies and individuals.”

He was speaking at a meeting of the North Korean sanction committee under the U.N. Security Council at U.N. headquarters in New York.

“We are discussing the list of additional firms subject to sanctions,” he said, making it clear that an additional eight institutions and five individuals in North Korea will be subject to sanctions, including freezing of assets and travel restrictions.

“The Chinese government is making sure to implement sanctions against North Korea,” Goldberg said, adding, “China is voicing a unanimous message with other U.N. member nations, and has produced results stemming from its execution of sanctions.”

In a related move, Chinese media said Tuesday that Chinese border guards seized 70 kilograms of vanadium, a strategic metallic material that was to be smuggled into North Korea.

The U.S. Treasury Department also added Thursday Korea Hyoksin Trading Corp. to its list of companies subject to financial sanctions in connection with weapons of mass destruction trade. The U.N. Security Council said the Pyongyang-based company had earlier been embroiled in development of such weapons.