The Obama administration is tightening economic sanctions against North Korea by blacklisting a bank involved in Pyongyang's arms trade and issuing a presidential order restricting imports from the reclusive communist state. In a statement Tuesday, the Treasury Department said it was taking action against North Korea's Bank of East Land, also known as the Dongbang Bank, for enabling sanctions-busting activities by the regime, in particular its arms trading with Iran.
Korean sanctions As this paper reported Tuesday, the Bush administration recently tightened economic sanctions on North Korea after learning that Pyongyang was selling its ship registry to U.S. and foreign companies here for two or three times the going rate for such so- called flags of convenience.
... of complying with export controls and economic sanctions squarely on U.S. companies and their off... against specific countries (Cuba, Iran, North Korea – you get the picture) and individuals and...
Each time, U.S.-led diplomacy, backed by sanctions, has led to agreements involving food aid, fuel, and offers of normalized relations in exchange for verifiable constraints on Pyongyang's nuclear program. Because there is no viable or prudent pre-emptive strike option and punitive sanctions alone cannot stop North Korea's nuclear and missile buildup, the latest crisis requires a renewed diplomatic push, led by Washington, combined with the implementation of more effective economic, military, and political sanctions that have the full support of North Korea's main trading partner, China.
The Bush administration quietly imposed additional economic sanctions on North Korea earlier this month by barring U.S. companies from flying North Korea's flag on freighters, tankers and fishing vessels, some of which are linked to illegal smuggling. The sanctions took effect May 8 and were announced by the Treasury Department's Office of Foreign Assets Controls. They prohibit U.S. companies or foreign companies based in the United States from owning, leasing, operating or insuring any ships that fly North Korea's flag.
The Bush administration quietly imposed additional economic sanctions on North Korea earlier this month by barring U.S. companies from flying North Korea's flag on freighters, tankers and fishing vessels, some of which are linked to illegal smuggling. The sanctions took effect May 8 and were announced by the Treasury Department's Office of Foreign Assets Controls. They prohibit U.S. companies or foreign companies based in the United States from owning, leasing, operating or insuring any ships that fly North Korea's flag.
DESPITE all the disagreement over who's to blame for the North Korean nuclear test, everyone agrees on the next step: economic sanctions. But does anyone really think that they will work? North Korea is already the most isolated country in the world. Its people live at subsistence levels, escaping mass starvation only because of aid shipments. There is virtually no industrial economy. The United States has imposed sanctions against the country since the 1950s, but they have not stopped the regime from acquiring nuclear weapons. Nor have they loosened the regime's grip on power. The new round of sanctions will be more multilateral. Still, they have the telltale feel of most sanctions, imposed mostly because military intervention is impossible, and yet one has to do something.
S. leaders are congratulating themselves for persuading China and Russia to go along on a U.N. Security Council resolution imposing economic sanctions on North Korea. The final draft, however, is far different from the original version proposed by U.S. ambassador John Bolton, and falls well short of the highly restrictive unilateral sanctions imposed by Japan. Even if Russia and China had been willing to endorse robust sanctions, it is unlikely that such measures would persuade North Korea to give up its nuclear weapons or dismantle its nuclear facilities. Sanctions have a poor record of getting regimes to abandon high-priority policies, and North Korea's nuclear program clearly falls in that category.
North Korea responded Saturday to the latest economic and military sanctions from the U.N. Security Council with a threat to start enriching uranium and attack any country that stops its ships for inspection for military supplies. The resolution passed unanimously by the council Friday freezes all funds, credit lines, grants and loans contributing to the nuclear, ballistic-missile and weapons of mass destruction "programs or activities" of the reclusive communist regime.
BEIJING -- China on Tuesday ruled out applying economic or political sanctions to pressure North Korea to abandon its nuclear weapons program, appearing to undercut a crucial element of the Bush administration's evolving North Korea strategy. The announcement came just as intelligence agencies were trying to determine whether North Korea is preparing for a nuclear test. Echoing President Bush's public comments, the Chinese said in a briefing on Tuesday that they still hoped that talks with North Korea would succeed in disarming the country, even though it has boycotted those talks for 11 months.
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