U.N. Expands North Korea Sanctions

North Korean Leader Kim Jong UnNorth Korean Leader Kim Jong Un
  • U.N. Expands North Korea Sanctions

The U.N. Security Council on Friday expanded North Korea sanctions after its ninth missile test this year. This is the first of such resolution agreed by the United States and Pyongyang’s only major ally China since President Donald Trump took office.

The Trump administration has been pressing China aggressively to rein in its reclusive neighbor, warning that all options are on the table if Pyongyang persists with its nuclear and missile development programs.

The United States has struggled to slow those programs, which have become a security priority given Pyongyang’s vow to develop a nuclear-tipped missile capable of hitting the U.S. mainland.

“The United States will continue to seek a peaceful, diplomatic resolution to this situation,” U.S. Ambassador to the United Nations Nikki Haley told the council after the vote.

But she added: “Beyond diplomatic and financial consequences, the United States remains prepared to counteract North Korean aggression through other means, if necessary.”

Adding names to the U.N. blacklist – a global travel ban and asset freeze – was the minimum sanctions measures the Security Council could have taken and comes after five weeks of negotiations between Washington and Beijing.

“The Security Council is sending a clear message to North Korea today – stop firing ballistic missiles or face the consequences,” Haley said.

The resolution, adopted unanimously by the 15-member council, sanctions four entities, including the Koryo Bank and Strategic Rocket Force of the Korean People’s Army, and 14 people, including the head of Pyongyang’s overseas spying operations.

North Korea’s Koryo Bank handles overseas transactions for Office 38, a shadowy body that manages the private slush funds of the North Korean leadership, according to a South Korean government database.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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