Expanded Sanctions: US Plans to Impose Sanctions on Chinese Companies Exporting Oil to N. Korea | BusinessKorea

Tuesday, December 12, 2017

U.S. President Donald Trump is reportedly mulling over sanctions against Chinese companies selling oil to North Korea.
U.S. President Donald Trump is reportedly mulling over sanctions against Chinese companies selling oil to North Korea.
SEOUL,KOREA
15 September 2017 - 11:15am
Jung Suk-yee

The Yomiuri Shimbun reported, on September 14, that U.S. President Donald Trump is mulling over sanctions against Chinese companies selling oil to North Korea. According to the report, the unilateral sanctions are because the latest UN Security Council resolution does not include a ban on the export of oil to the North.

Earlier, on August 22, the U.S. government took the same action against Russian companies exporting oil to North Korea. In addition, it has been found that the United States is planning to impose its own sanctions on 12 Chinese banks involved or allegedly involved in North Korea’s money laundering. The banks include the Industrial and Commercial Bank of China and the Bank of Dandong.

The United States House Committee on Financial Services held a hearing on September 13 to discuss a ban on North Korea’s access to financial networks. The majority of the participants said that fines should be levied on third-country banks and companies engaged in business with North Korea and their access to U.S. financial networks should be blocked.

Treasury Secretary Steven Mnuchin recently said that China will not be able to access the U.S. and international dollar systems if it does not comply with the UN Security Council resolution. His remarks imply the eagerness of the U.S. to impose sanctions on the North in that its measures are likely to result in conflict with China in the field of trade and finance.

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