U.S. President Donald Trump issued a new Executive Order imposing additional sanctions with respect to North Korea on Thursday.
The provocative, destabilizing, and repressive actions and policies of the Government of North Korea constitute a continuing threat to the national security, foreign policy, and, economy of the United States and a disturbance of the international relations of the United States, says the White House.
The United States is committed to targeting all means used by North Korea to earn, access, and transfer funds that North Korea uses to further its Weapons of Mass Destruction programs. “We must maximize pressure on North Korea to demonstrate to its leadership that the best and only path is to return to denuclearization.”
The Order also authorizes the Secretary of the Treasury, in consultation with the Secretary of State, to impose sanctions on persons involved in the construction, energy, financial services, fishing, information technology, manufacturing, medical, mining, textiles, or transportation industries in North Korea. They include port ownership, control, or operation of any port in North Korea, including any seaport, airport, or land port of entry. Additionally, they target significant importation from or exportation to North Korea of any goods, services, or technology.
The new authorities target individuals and entities that engage in trade with North Korea as well as the financial institutions that facilitate this trade.
The Order directly targets North Korea’s shipping and trade networks and issues a 180-day ban on vessels and aircraft that have visited North Korea from visiting the United States. This ban also targets vessels that have engaged in a ship-to-ship transfer with a vessel that has visited North Korea within 180 days.
The Order also provides the Secretary of the Treasury additional authority to block any funds originating from, destined for, or passing through accounts linked to North Korea that come within the United States or possession of a U.S. person. Foreign financial institutions must choose between doing business with the United States or facilitating trade with North Korea or its designated supporters.
The Executive Order is available here.