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North Korea’s economy: What’s left for Trump to sanction?

Anthony Ruggiero
30th November 2017 - Quoted by Daniel Shane - CNN Money

"Additional major sanctions will be imposed on North Korea today," Trump tweeted Wednesday after the isolated Asian nation tested a new intercontinental ballistic missile that it claims can strike anywhere on the U.S. mainland.

The U.S. has been trying to get other countries, especially China, to squeeze North Korea's economy to make Kim back down from developing the country's nuclear weapons program.

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Anthony Ruggiero, a senior fellow at think tank the Foundation for the Defense of Democracies, believes that China's banks are key to providing the financial channels that allow North Korea to side-step sanctions.

He wrote earlier this month that the U.S. Treasury could choose to block some Chinese banks from the U.S. financial system or freeze their assets there. The Treasury could also hand out billions of dollars in fines, similar to those imposed on European banks in recent years for evading Iranian sanctions.

China's banks are among the world's biggest and such measures could hit their reputations, "given the stigma of being a money launderer for the Kim regime," Ruggiero wrote.

"There is still more to do on the sanctions front," he tweeted after the North Korean missile launch Wednesday. "The Chinese know it and are afraid of what is coming next."

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Read more here.

Tags

csif, north-korea, sanctions