Washington, DC – The United States government has again imposed new sanctions on North Korea on November 21, 2017. This is done in an attempt to disarm the North's missile development project and its nuclear warheads
The new sanctions target a number of shipping, goods distribution and trade shipping firms operated by North Korean and Chinese business entities. Similarly, as quoted from CNN Money, Wednesday (22/11/2017).
"Given North Korea continues to threaten international peace and security, we are determined to continue to maximize economic pressure to isolate the country from their sources of trade abroad and cut their revenues," said US Treasury Secretary Steven Mnuchin.
The latest sanctions target one individual, 13 companies and 20 vessels involved in trade transactions benefiting North Korea worth millions of dollars.
The US Treasury says most firms that are targeted by sanctions are those who operate in the transportation industry for the distribution of goods and commodities imported by North Korea.
North Korea is also known to implement illegal shipping practices, including the transfer of ships to ships, according to the US Treasury.
Chinese Business Firm Involvement
Some of the Chinese companies' names are also the target of imposing sanctions. Three Chinese trading companies are known to export goods worth about US $ 650 million to North Korea and import more than US $ 100 million.
The import-export products include notebook computers, coal, and iron.
Another Chinese company, Dandong Dongyuan Industrial, exported goods worth more than US $ 28 million to North Korea for several years.
The goods are in the form of motor vehicles, electric machines, and other products related to nuclear reactor development projects for North Korea.Dandong Dongyuan has also been associated with a front-company for North Korean organizations that develop weapons of mass destruction.