New US sanctions will pressure Pyongyang to negotiate: Seoul

The South Korean government on Wednesday expressed its satisfaction over the new sanctions imposed on North Korea by the US,…

IANS | Seoul | September 27, 2017 10:25 am

New US sanctions will pressure Pyongyang to negotiate: Seoul

The South Korean government on Wednesday expressed its satisfaction over the new sanctions imposed on North Korea by the US, saying that the measures would help pressure Pyongyang into negotiations over its nuclear programme.

The US Treasury Department on Tuesday approved a new package of sanctions on eight North Korean banks and 26 financial representatives working in various countries.

“The latest action is expected to help alert individuals and entities in third countries doing business with North Korea by highlighting the danger of doing it,” a Foreign Ministry spokesperson in Seoul told Yonhap news agency.

The official added that South Korea hoped these sanctions could “contribute to strengthening the international community’s resolve to faithfully enforce UNSC resolutions,” and pressure North Korea into negotiating.

This was the latest package of sanctions imposed unilaterally by Washington on Pyongyang over its continuing weapons tests, including the test conducted on September 3.

The UN Security Council also passed a new resolution in response to the September 3 weapon test, which was the second one adopted this year, while the first resolution has already limited oil exports to the hermit country.

Among the business entities targeted by the new sanctions are the Foreign Trade Bank and the Central Bank of the Democratic People’s Republic of Korea, as well as the Agricultural Development Bank and the International Industrial Development Bank.

North Korea’s international financial representatives based in China, Russia, Libya and the United Arab Emirates are also included on the sanctions list.

As a result, the assets that these business entities have under US jurisdiction will be frozen. They are also prohibited from carrying out any financial transactions with their US counterparts.