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Sunday May 14, 4:21 PMU.S. eyes sanctions on Chinese banks doing business with N. Korea(Kyodo) _ The United States is studying the feasibility of imposing economic sanctions against some Chinese banks that have business transactions with North Korean companies involved in development or proliferation of weapons of mass destruction, a government source said.The proposed new sanctions are aimed at putting more pressure on North Korea based on President George W. Bush's executive order issued in June last year, the source said. But North Korea has already become adamant in refusing to return to the negotiating table for the six-party talks on its nuclear issue unless the United States lifts sanctions on a Macao-based bank suspected of laundering money and counterfeiting for North Korea. The banks being considered as targets of economic sanctions are small banks in China, according to the source. Hard-liners within the U.S. government see the current sanctions as being effective as they have made many Chinese and European banks hesitate to do any deals with North Korea, according to the source. The U.S. government is seeking more ways to put pressure on North Korea as Pyongyang has refused to return to the six-way talks, involving North and South Korea, the United States, China, Japan and Russia, and is believed to be continuing to explore the development of nuclear arms and ballistic missiles, the source said. Executive Order 13382 aimed at stopping proliferation of weapons of mass destruction authorizes U.S. sanctions against companies and individuals involved in or supporting weapons of mass destructions or missiles by such means as freezing their assets or banning transactions with them. Based on the order, the United States has imposed such economic sanctions on 11 North Korean companies. |
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