In their latest move, the Trump government has imposed sanctions on the Chinese Bank of Dandong, shipping company Dalian Global Unity Shipping Co Ltd and citizens Sun Wei and Li Hong Ri, the Express UK reported on Friday.
The Chinese bank was accused of laundering money for Pyongyang. The sanctions that were imposed on the two Chinese nationals and the shipping company were because they had apparently been helping along the North Korean Nuclear Weapons program.
The sanctions are in line with the stance taken by the United Nations against the country.
Steve Mnuchin, the U.S. Treasury Secretary, pointed out that North Korea had consistently defied these sanctions. He also told the "press that the US could levy more sanctions in the future," the Express wrote.
The bank under the scanner is the Bank of Dandong and they have allegedly facilitated millions of dollars in transactions for companies directly involved in North Korea's WMD and ballistic missile programs.
The move was appreciated by newly elected South Korean President Moon Jae-in who, during a meeting with U.S. congressional leaders said that a strong alliance between Washington and Seoul was key to nullifying the nuclear threat from North Korea.
China has remained silent on the sanctions
China has responded to the sanctions concerning the accused bank, company and individuals. The Express quoted Lu Kang, the spokesman for the Chinese Foreign Ministry as saying "he hoped the US can correct its mistakes and get ties back on track so as to avoid cooperation in important areas being impacted”.
China clearly mentioned its opposition earlier this morning to the sanctions that the U.S. imposed outside the UN framework on its two nationals and the shipping company. Tensions between the US and North Korea are higher than ever as the U.S. plays a more offensive political game.
What do the sanctions mean for the Bank of Dandong?
Sanctions essentially mean that U.S. banks will close down operations with the bank. Any transactions that were cleared earlier will cease. Most international banks will also close down operations with the bank due to their tainted reputation.
This will also increase tension between China-U.S. ties as the further agreement by the U.S. to supply Taiwan with weapons may put China's help on the North Korea threat at risk. The Chinese embassy in Washington urged the United States to revoke its "wrong decision" immediately to sell Taiwan $1.42 billion worth of arms.
