The Trump administration has unveiled new sanctions against China and Russia as part of an escalation to curb North Korea' s nuclear and missile
The Trump administration has unveiled new sanctions against China and Russia as part of an escalation to curb North Korea’s nuclear and missile programs.
In a statement released Tuesday, the Treasury Department said the goal of this latest round of sanctions is to stem the flow of money going towards Pyongyang’s weapons program by tightening the sanctions.
“Treasury will continue to increase pressure on North Korea by targeting those who support the advancement of nuclear and ballistic missile programs, and isolating them from the American financial system, ” said Treasury Secretary Steven Mnuchin in the announcement.
Ten Chinese and Russian companies as well as six individuals were named, some of whom are trading coal, oil and mineral resources with North Korea. The Treasury Department says North Korea generates about a billion dollars a year from coal exports and singled out three Chinese companies, which it says imported almost half-a-billion dollars in North Korean coal between 2013 and 2016.
Kent Boydston, a research analyst with the Peterson Institute for International Economics, said the sanctions send a signal.
“It’s a message to firms throughout the world that the U.
