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United States targets Chinese bank, company, two individuals over North Korea

United States targets Chinese bank, company, two individuals over North Koreaā€¯

According to a press release from the Treasury, these initiatives "have been taken in response to the circumvention ongoing global sanctions by North Korea, as well as the development of weapons of mass destruction".

Now, as South Korea's president arrives at the White House, Trump appears to be coming to terms with the reality.

As South Korea's new president visited Washington, the Treasury Department announced the Bank of Dandong would be severed from the United States financial system for acting "as a conduit for illicit North Korean financial activity".

This bank has served as a gateway for North Korea to access the U.S. and worldwide financial systems? facilitating millions of dollars of transactions for companies involved in North Korea?s nuclear and ballistic missile programs.

"There's recognition that there has to be more pressure on the regime".

"I don't think the president is giving up in any sense" on working with Chinese, Mnuchin said.

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Mnuchin said in his statement that the sanctions "are in no way targeting China with these actions", and rather are measures targeted at institutions that are shielding North Korea from global isolation.

"But more importantly", Glaser added, "it is an effort to begin to address the way that the North Korean regime and its military is getting access to funds, because they are conducting illicit activities thorough these entities in China".

'This is a strong message to Chinese leaders that the Trump administration will act against North Korea's sanctions evasion in China, ' he said.

The Treasury Department unveiled new sanctions on a Chinese company and two Chinese citizens tied to North Korea Thursday in response to North Korea's weapons program and its disregard for U.N. Security Council resolutions.

The Trump administration in March slapped sanctions against several Chinese businesses and individuals.

China, which borders North Korea and is considered its only major ally, argues that negotiations are the best way to persuade it to halt its nuclear and missile activities.

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-Chinese national Sun Wei, said to have been running a cover company for North Korea's Foreign Trade Bank, which is already subject to US sanctions.

The sanctions follow the death of Otto F. Warmbier, an American student who was imprisoned by North Korea, and come as frustration grows in the United States government over the North's missile tests.

Mnuchin said the decison will require United States banks to ensure that the Bank of Dandong does not access the USA financial system directly or indirectly through other foreign banks.

"The campaign is only now really gathering momentum", the official said.

The US has blacklisted a Chinese bank and slapped sanctions on two Chinese individuals accused of illegally trading with North Korea.

Chinese President Xi Jinping must be judicious as he chooses how to respond to Trump's actions.

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The broader NSE Nifty moved between 9,647.65 and 9,565.30, before ending 55.05 points, or 0.57 per cent down at 9,574.95. Nifty also closed in on 9,700 in Thursday's afternoon trade after which the erosion started which continued till Friday.

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