U.S. slaps sanctions on North Korean banks, executives

U.S. slaps sanctions on North Korean banks, executives

U.S. slaps sanctions on North Korean banks, executives

The latest round of United Nations sanctions bans member countries from operating joint ventures with North Korea, most of which are in China. Last week's executive order will penalize any company or person doing business with North Korea by either cutting off their access to the USA financial system or freezing their assets - or potentially both.

South Korea's Foreign Ministry's statement quoted by Yonhap News Agency came hours after the North's Foreign Minister Ri Yong-ho accused U.S. President Donald Trump of declaring war with his Saturday tweet asserting that Pyongyang's regime "won't be around much longer".

He added that North Korea seems to be doing all it can to avoid provoking a war along the inter-Korean border - the NIS understands that Pyongyang has directed its armed forces to "report first before taking any military measures".

"I just heard the North Korean chancellor speak at the UN".

USA secretary of state Rex Tillerson will visit China from Thursday to Saturday for talks with senior officials that will include the crisis over North Korea and trade, the State Department said on Tuesday.

The Treasury's Office of Foreign Assets Control, which overseas USA sanctions programs, said the Foreign Trade Bank had carried out transactions on behalf of North Korea's weapons development program.

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The eight banks are all in North Korea.

"They've also been accepting invitations to attend dialogues hosted by others, including the Swiss and the Russians", he said.

The new sanctions target North Koreans working as representatives of North Korean banks in China, Russia, Libya and the United Arab Emirates.

"We hope the United States and North Korean politicians have sufficient political judgement to realise that resorting to military force will never be a viable way to resolve the peninsula issue and their own concerns", Lu said.

During a visit to India, U.S. Defense Secretary Jim Mattis said diplomatic efforts to deal with the crisis were continuing. Spokesman Lu underlined fact that "re will be no victor of a war on Korean Peninsula", inviting parties to adhere to peaceful political solution.

Park said President Moon told the meeting that Washington and Seoul agreed that pressure needed to be applied to North Korea, with the door to talks still open. The armistice of 1953 was simply a ceasefire and a state of war still technically exists.

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