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US Urges Financial Institutions to Choose between US or N. Korea

US Urges Financial Institutions to Choose between US or N. Korea”

US Treasury Secretary Steven Mnuchin said Thursday that broad new sanctions authority means that firms around the world must now choose between doing business with the United States or North Korea.

Trump said he had signed an executive order allowing sanctions against "individuals and companies that finance and facilitate trade with North Korea".

He said the actions will be "forward looking" and will take effect immediately in an effort to force President Kim Jong Un to cease his "hostile behavior".

The United Nations Security Council recently approved a new sanctions resolution to punish the rogue North Korean regime for its earlier test of a suspected staged thermonuclear weapon, which the North intends to mount on its intercontinental ballistic missile.

China's central bank has reportedly ordered the country's other banks to stop conducting business with North Korea.

The Trump administration has already sanctioned Chinese banks for illicit cooperation with North Korea and warned that more sanctions could follow.

Tensions between the United States and North Korea have ratcheted up after the sixth and most powerful nuclear test conducted by Pyongyang on September 3 prompted the United Nations Security Council to impose further sanctions last week. "As such, we refuse to handle any business connected to North Korea".

The secretary, however, did not specify the names of banks or companies targeted by the USA government at the news conference. Mnuchin did say, however, that he had a "very productive" conversation this morning with representatives of the Bank of China, but added that there was no coordination of these announcements ahead of time between the USA and China.



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