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China-Japan-Koreas
U.S. Sanctions N.Korean, Hong Kong Firms
2009-07-02
The U.S. on Tuesday stepped up pressure on North Korea, slapping sanctions on a North Korean trading company and an Iran-based Hong Kong firm under UN Security Council Resolution 1874, which was passed on June 12 in the wake of North Korea's second nuclear test.
This is good; not sure we needed to wait for the latest UN resolution but fine, they did it. Now they need to keep tightening the screws.
Under Executive Order 13382, the State Department on Tuesday banned Namchongang Trading Corporation, a North Korean firm suspected of involvement in the purchase of uranium enrichment equipment, from all transactions with enterprises and individuals in the U.S. and froze any U.S. assets held by the firm. The State Department said Namchongang has been "involved in the purchase of aluminum tubes and other equipment specifically suitable for a uranium enrichment program since the late 1990s."

The Treasury the same day said it was imposing sanctions on Hong Kong Electronics on Kish Island in southern Iran on suspicion of supporting North Korea's missile program. According to the Treasury, Hong Kong Electronics in April "facilitated the movement" of millions of dollars involved in the North's missile development program from Iran to North Korea on behalf of North Korea's Tanchon Commercial Bank and Korea Mining Development Trading Corp., both of which are subject to earlier UN sanctions.

This is the first time a foreign firm dealing with North Korea has been subject to sanctions under Resolution 1874.
Posted by:Steve White

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