European Union to impose more economic sanctions on North Korea

Elias Hubbard
September 23, 2017

In addition, around eight new North Korean officials were likely to be added to the European Union sanctions list, which is expected to be adopted by European Union foreign ministers at their October 16 meeting.

"This new executive order will authorize the Treasury to impose a range of sanctions such as suspending U.S. Correspondent account access to any foreign bank that knowingly conducts or facilitates significant transactions tied to trade with North Korea", the secretary added. The letters, sent to Switzerland based World Archery Federation and the International Ski Federation and Germany-based International Shooting Sport Federation, urged the three sporting federations to support the country's request to purchase the sports equipment.

Worldwide powers hope that economic sanctions will deprive the North of the resources it needs to pursue its nuclear programme and pressure it into negotiating. The far-reaching sanctions include grey areas such as luxury goods and exceptions that are subject to interpretation.

Mnuchin then stressed that moving forward, foreign financial institutions were "on notice" that they could either "do business with the United States or with North Korea, but not both".

The letter, signed by Ri Hak Chol, president of the isolated country's Ski Association and copied to the International Olympic Committee (IOC) in Lausanne, blamed "stifling maneuvers and bulldozing coming from the USA which brandishes the stick of sanction against those who are not following it".

North Korean athletes prepare to take part in the 2017 Asian Winter Games in Japan.

"But unfortunately, those ski equipment companies and sales agents rejected or have not responded to its request", it said.

The FIS and the International Olympic Committee did not immediately reply to North Korea's complaint.

Ung said North Korean athletes may participate in short track speed skating, figure skating and maybe Nordic skiing.

"Our new executive order will cut off sources of revenue that fund North Korea's efforts to develop the deadliest weapons known to humankind", Trump said.

Blaming the United States, it said such obstacles were "tantamount to an uncivilized act of returning to the Dark Age".

Other reports by Click Lancashire

Discuss This Article

FOLLOW OUR NEWSPAPER