US sanctions banks, representatives linked to DPRK

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‍The US Department of Treasury on Tuesday issued sanctions on eight banks and 26 individuals linked to the Democratic People's Republic of Korea's (DPRK) financial networks in response to the country's ongoing development of weapons of mass destruction.

The individuals sanctioned are DPRK nationals operating in some foreign countries who act as representatives of DPRK banks, said a statement issued by the Treasury Department.

Members of the UN Security Council vote at a UN Security Council meeting over DPRK's new sanctions on September 11, 2017 at the UN Headquarters in New York. /AFP Photo

"We are targeting North Korean (DPRK) banks and financial facilitators acting as representatives for North Korean (DPRK) banks across the globe," said US Treasury Secretary Steven Mnuchin.

"This further advances our strategy to fully isolate North Korea (DPRK) in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula. This action is also consistent with UN Security Council Resolutions," Mnuchin added.

The Treasury Department said Tuesday's sanctions are being taken to complement the UN Security Council resolution adopted on September 11. The resolution imposed fresh sanctions on the DPRK over its nuclear test on September 3, targeting oil imports and textile exports.

The Associated Press journalist Rafael Wober, speaking to CGTN from Pyongyang, played down the impact of Tuesday’s sanctions, saying that DPRK banks’ relations with banks abroad have been fraught with difficulties for years.

Wober also noted a change in tone from Pyongyang over the impact of recent sanctions, with more concern expressed over their impact on the livelihoods of civilians. However, he added that he hadn't noticed many changes in the way people in Pyongyang are living.