U.S. imposing new sanctions on North Korean bank: Obama aide

NEW YORK Mon Mar 11, 2013 2:13pm EDT

Tom Donilon stands as U.S. President Barack Obama announces the resignation of National Security Advisor James Jones in the Rose Garden of the White House in Washington, October 8, 2010. REUTERS/Larry Downing

Tom Donilon stands as U.S. President Barack Obama announces the resignation of National Security Advisor James Jones in the Rose Garden of the White House in Washington, October 8, 2010.

Credit: Reuters/Larry Downing

Related Topics

NEW YORK (Reuters) - The U.S. Treasury is imposing sanctions against North Korea's Foreign Trade Bank, the country's main foreign exchange institution, for its role in supporting Pyongyang's nuclear weapons program, President Barack Obama's national security adviser said on Monday.

In a speech to the Asia Society in New York, the White House aide, Tom Donilon, also said China should not conduct "business as usual" with North Korea while Pyongyang threatens its neighbors.

"The United States will not accept North Korea as a nuclear state," Donilon said in prepared remarks. "Nor will we stand by while it seeks to develop a nuclear-armed missile that can target the United States."

He said Washington was willing to negotiate with North Korea but insisted that it must first take "meaningful steps" to meet its international obligations.

The Treasury Department said it was designating for sanctions three individuals in connection with the Foreign Trade Bank: Pak To-Chun, Chu Kyu-Chang and O Kuk-Ryol. It also sanctioned Paek Se-Bong, chairman of North Korea's Second Economic Committee.

"North Korea uses FTB to facilitate transactions on behalf of actors linked to its proliferation network, which is under increasing pressure from recent international sanctions," the Treasury said in a statement.

(Reporting By Matt Spetalnick; Editing by Christopher Wilson)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
MikeBarnett wrote:
It is amazing that the US has any sanctions that have not yet been imposed on North Korea.

Mar 12, 2013 6:04pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

Pictures