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ibusinesslines.com September 26, 2018


Countries enforce sanctions to cut off North Korea's cash flow

12 January 2018, 09:38 | Erica Roy

Countries enforce sanctions to cut off North Korea's cash flow

Countries enforce sanctions to cut off North Korea's cash flow

North Korean allies China and Russian Federation joined the US for the third time this year in passing even more stringent measures to punish Kim Jong Un over his pursuit of nuclear weapons.

Six North Korean shipping and trading companies along with 20 ships they owned were placed on the sanctions list by the US Treasury Department on 21 November after satellite images showed a vessel named Ryesonggang 1, making contact with a Chinese ship on 19 October.

South Korean maritime police conducting an exercise to intercept a North Korean ship carrying arms and other contraband cargo off the southeastern port city of Busan, South Korea, last year. Pyongyang claims those it is now capable of sending those missiles to any part of the US mainland.

Ri is a former air force general who now appears to have a prominent role within North Korea's ruling Workers' Party, Reuters says.

After the September 3 nuclear test, China's Nuclear Safety Administration said it had begun emergency monitoring for radiation along its border with North Korea. As such, some countries across the Eurasian content have been accused of shipping goods and commodities to North Korea, apparently not taking the United Nation Security Council's resolution seriously.

Both men are regularly photographed alongside North Korean leader Kim Jong-un at missile launches.

North Korea might need to be stopped by other methods than economic sanctions, Dr Andy Jackson warned.

Countries enforce sanctions to cut off North Korea's cash flow

The main source of North Korea's fuel, China did not export any gasoline, jet fuel, diesel or fuel oil to Pyongyang last month, data from the General Administration of Customs showed on December 26.

The country's official newspaper, Rodong Sinmun, carried a commentary hailing the progress made in nuclear and missile development as one of Kim Jong Un's achievements.

Even though reports have said that this could be a satellite launch, many fear that Pyongyang could again be testing ballistic missiles under the pretext of a satellite, reported CNBC.

North Korea will continue with its nuclear development policy in 2018, according to a report by the state-run KCNA news agency on Saturday.

North Korea has significantly stepped up its nuclear and missile programs in 2017, launching a newly developed intercontinental ballistic missile (ICBM) called a Hwasong-15 last month.

The North's Bureau of Political Security which controls the North Korean military was also blacklisted by the European country.




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