The US President Donald trump
© AP Photo/Evan Vucci
WASHINGTON, September 21. /TASS/. The President of the United States Donald trump signed Thursday a decree which expands the powers of the Ministry of Finance of the USA on introduction of new sanctions against the DPRK and those who provide aid to Pyongyang in various sectors of the economy, particularly in trade and financial sectors.
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The head of the Washington administration declared that “North Korea has been too long allowed to abuse the international financial system for the purpose of receiving assistance in funding their programs to develop nuclear weapons and ballistic missiles”. “The decree provides new effective tools. But I want to be Frank, it is directed against only one country – North Korea,” said trump before meeting with the leader of the Republic of Korea moon Jae-in, the Prime Minister of Japan Shinzo Abe in new York .
The US President said that his new Executive order will allow “to cut off sources of income” through which Pyongyang receives funds for the development of “the deadliest weapons of all that are known to mankind.”
“Today I am announcing a new Executive decree, which will seriously expand our powers to exert pressure on individuals, companies and financial institutions, promoting trade with North Korea”, – said the head of the White house.
Restrictions on entry and powers of the Ministry of Finance
As noted in the common of the White house documentation, the new sanctions can touch anyone who trades with North Korea, to deliver technology or provide any services. The Ministry of Finance will have the right to impose restrictions against Pyongyang’s partners in many other areas. These measures are also intended to violate the mail and cargo service between the DPRK and other countries.
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The head of financial Department now also has a “block any funds coming in and passing through [Bank] accounts related to North Korea and in the United States or owned by U.S. citizens”. The regulation also provides powers to the Minister of the Treasury – after consultation with the Secretary of state to impose restrictions against those associated with the industry, the transport industry or dealing with import or export to the DPRK. Introduced a 180-day ban on visits to U.S. aircraft and vessels, visited the territory of the DPRK.
Trump said that the decision “will allow the Ministry of Finance the discretion to impose sanctions against any foreign Bank that knowingly conducts or facilitates significant trade deals with North Korea”. “Foreign banks will face a clear choice: do business with the United States or to facilitate trade with the lawless regime [leader Kim Jong UN] North Korea – said the American leader. – The regime can no longer expect that others will contribute to its trading and banking activities. The regime can no longer count on the assistance in conducting its trading and banking operations.”
While trump still does not rule out the possibility of talks with Pyongyang. “Why not?” – said the head of state on a question of journalists.
The introduction of sanctions by Washington means a ban for American citizens and companies to conduct any business with been blacklisted individuals or legal entities, as well as freezing their assets in the banking system of the United States, if any, will be detected.
The Minister of Finance decree
After a few hours after trump announced the signing of the Executive decree, the Minister of Finance Steven Mnuchin held a briefing for journalists, in which he commented on the document and answered a number of questions. In particular, he was asked the question, “why does the US think that the new sanctions will take effect if previous failed”. “I don’t believe that other sanctions have failed, but these [new] restriction are very important,” he said.
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The Minister also appealed to all countries “to join the US and stop all trade and financial ties with North Korea in order to achieve a complete denuclearization of the Korean Peninsula.” Separately, he drew attention to the fact that the United States intends “to call on Russia to do more” to pressure North Korea.
Mnuchin explained that now the Ministry of Finance is empowered “not only to impose sanctions against individuals or organizations, but also to block any transactions in any financial institution anywhere in the world that interacts with entities that are under sanctions.” He confirmed that Washington intends to impose restrictions against North Korean companies and individuals worldwide.
What about China?
During a meeting with reporters, the Finance Minister has not explained against some countries, particularly directed to a new strategy. He was asked a clarifying question, if trump signed the document primarily against Beijing. “This step [the signing of the Executive order] is addressed to all, it is not addressed primarily to China. We work with them [with Beijing], in close cooperation,” – said the head of the U.S. Treasury.
Against the DPRK operates the most severe to date, the sanctions regime, including an arms embargo, a ban on deliveries to the country aviation fuel and for the purchase of North Korean coal, iron ore, steel, seafood and other goods.