Marine Metals

U.S. Imposes New Penalties On Chinese, Russian Companies Over North Korea

WASHINGTON –The Trump government on Tuesday imposed sanctions on 10 businesses and six individuals from China and Russia who it states helped North Korea develop its nuclear and missile programs.

“We are taking actions consistent with U.N. sanctions to prove that there are consequences for defying sanctions and providing support to North Korea, and to discourage this action later on,” stated Treasury Secretary Steve Mnuchin in a statement.  

The new sanctions are the latest in a raft of blacklists issued to punish Chinese and Russian businesses that try to evade international attempts to isolate North Korea. They seek to decrease violators off from the U.S. fiscal system, which extends to banks in Russia and China that use it to move money between institutions.

Trump has hunted rsquo & China;s aid in reigning in rsquo & North Korea;s atomic program, that has demonstrated significant strides within the last year.   But he afterwards expressed frustration with North Korea’s key ally China, saying the U.S. would use the resources at its disposal to raise strain on the North.  

The sanctions of Tuesday targeted businesses and individuals involved in its coal North Korean weapons programs and petroleum trade, and its own worker plan, which the State Department says are three big sources of financing for the North’s illicit weapons programs.

North Korea coal commerce provides over $1 billion in revenue. The sanctions goal six companies, two Singapore-based companies that sell oil to four nationals, a Russian firm, North Korea and a building firm located in Namibia:

• China-based Dandong Rich Earth Trading Co. because of its support to formerly sanctioned entities which act on behalf of North Korea’s General Bureau of Atomic Energy, which is responsible to the North’s  atomic program. Dadong bought vanadium ore from North Korea in breach of United Nations sanctions resolutions, Treasury said.

• Moscow-based Gefest-M LLC and its Russian director, Ruben Kirakosyan, for assisting metals another formerly sanctioned entity involved in North Korea’s missile and weapons programs, for Korea Tangun Trading Corporation, Treasury stated.

• China- and Hong Kong-based Mingzheng International Trading Limited, which Treasury said acts as a leading company to get a previously-designated bank that has managed transactions in U.S. dollars for North Korea’s principal foreign exchange bank to its North’s proliferation network.

• Three coal firms accountable for importing nearly half a billion dollars’ worth of coal between 2013 and 2016. The firms  — Dandong Zhicheng Metallic Materials Co., Ltd., JinHou International Holding Co., Ltd., and Dandong Tianfu Trade Co., Ltd. —  helped North Korea create funds that fuel its nuclear and ballistic missile programs, Treasury said.

• two businesses that helped supply North Korea with oil, by attempting to send millions of dollars in payments on behalf of transactions, and working with person and a bank and Three people.

• A North Korean subsidiary of Mansudae Overseas Projects Group of Companies, which was formerly sanctioned by the U.N. for exporting workers from North Korea to create revenue for the government, the Workers’ Party of Korea and also for the country’s Munitions Industry Department, which is responsible for overseeing the North’s ballistic missile program. The employees have been used to build figurines overseas, Treasury stated.

• A Namibia-based subsidiary of a Chinese company which took over four Namibian government building projects on behalf of Mansudae, which has been designated by U.N. sanctions.