U.S. hits Chinese and Russian companies, individuals with sanctions over North Korea

US Treasury Department has today placed sanctions on companies and individuals from Russia and China for ignoring sanctions against North Korea , 10 companies and six individuals are involved in the action.

“The sanctions send a strong message to Beijing and Moscow to stop facilitating North Korea’s sanctions evasion,” said Anthony Ruggiero, a fellow with the Foundation for Defense of Democracies, which favors tougher sanctions on Russia and China over North Korea. “The action is one element of a pressure campaign that also includes targeting illicit financial transactions and pressuring U.S. allies to choose between business with the United States or North Korea.”

ndrei Klimov, a senior legislator in Russia’s upper house of parliament, said U.S. sanctions “run counter not only to international law but also to common sense.” Russia, Klimov said, “must react in principle to this insane and confrontational policy.”

“These sanctions, per se, are illegal because the only thing that is recognized by international law are the U.N. Security Council sanctions,” Klimov told the Interfax news agency. “The rest is just made up illegally.”

The sanctions announced Tuesday by the Office of Foreign Assets Control were predominantly against Chinese companies that have dealt with North Korea by purchasing and selling coal, oil and mineral resources, or have provided banking services that made the transactions possible. The sanctions also hit two companies that arranged for North Korean laborers to build statues in foreign countries.

The sanctions hit three types of business dealings that provide a window into how North Korea uses companies in other countries to evade sanctions. China-based Dandong Rich Earth Trading Co. was sanctioned for buying vanadium ore from a company tied to North Korea’s atomic energy agency. The Russian firm Gefest-M, which trades in a wide range of consumer goods as well as construction and industrial equipment, allegedly procured metals for a North Korean mining company with a Moscow office. The Chinese company Mingzheng International Trading was accused of facilitating dollar transactions on behalf of North Korea’s proliferation network. In addition, three Chinese coal companies were sanctioned for importing nearly $500 million of North Korean coal between 2013 and 2016.

Story 3rd on the right of the page.
www.washingtonpost.com... rth-korea/2017/08/22/78992312-8743-11e7-961d-2f373b3977ee_story.html?utm_term=.853a530b1a24

Well that should set the cat amongst the pigeons , time will tell what the Russian and Chinese governments think of the sanctions and what their response will be.

a reply to: gortex

Talk was cheap.
Now we will see what actions will bring.

Well, quite right. Russia and China are game playing. They are saying one thing and doing another.

Great opportunities for smugglers now.

So North Korea does "illegall" things, the U.S. turns around and does these "Illegal" things? No wonder people don't like the states...

This is a story thats needs exposure.
www.zerohedge.com...
The CCP didn't even wait for their customary "wait period" of answering in the mornings, THREE hours later they hit back with,

"Beijing was so furious with the US "provocation" it scrapped its own protocol of waiting during a "cooldown" period, and instead ripped right back, "urging" the U.S. to "immediately correct its mistake"' of sanctioning Chinese firms over North Korea, to avoid impact on bilateral cooperation."

Best thing about this? pressure on the CCP. Turning up the heat on these currency manipulators.

a reply to: Arnie123



Perhaps having almost everything made in China was a bad idea?

Imagine the fun the Chinese could have by not allowing specific components to be shipped to the US. The theory of everyone getting along because we are in each others business will be tested.

a reply to: Arnie123

Since the US will not "correct its mistake", either "immediately" or at any time, China will have no choice but to escalate, in the process making any credible diplomacy involving North Korea impossible, forcing" America's hand when it comes to North Korea, now that the diplomatic option is out of the picture.

I agree with zerohedge the move will be counterproductive , troubling times.

U.S. hits Chinese and Russian companies, individuals with sanctions over North Korea

Well that wasn't very Russian puppet like.

I'm bummed.

originally posted by: seasonal
a reply to: Arnie123



Perhaps having almost everything made in China was a bad idea?

Imagine the fun the Chinese could have by not allowing specific components to be shipped to the US. The theory of everyone getting along because we are in each others business will be tested.

I agree, especially with a communist state that has ambitions on unseating AND dominating the US. However, as a child, back in the mid 80s, sitting in a bathtub, I would often make note of my cheap plastic aquatic toys, the bottom stamped with a, "made in China".

The chinese economy is dependent on globalism in the sense of cheap labor. Without those manufacturing orders, they take a huge hit.

originally posted by: gortex
a reply to: Arnie123

Since the US will not "correct its mistake", either "immediately" or at any time, China will have no choice but to escalate, in the process making any credible diplomacy involving North Korea impossible, forcing" America's hand when it comes to North Korea, now that the diplomatic option is out of the picture.

I agree with zerohedge the move will be counterproductive , troubling times.

This is the interesting aspect of the article, there didn't seem to be any real action from beijing on NoKo anyways.

Holding them over the coals might get the response we need. The reality is, this administration is taking a tougher approach to these nations.

a reply to: Arnie123

True, it is now a staring contest.

China needs to export-America "needs" it's exports. Or furnaces won't fire (circuit boards) Auto manufacturing shuts down-Anti bionics stop coming in from China-the list goes on and on.
Who do you think cares less about their citizenry?
And what countries populace is less likely to burn everything down if the going gets tough?

Economics is really our strongest and best response. Wish we didn't owe China so much money. Wonder how that will play into these sanctions.

a reply to: seasonal

For starters, India is boycotting Chinese goods as a result of the border clash ensueing.
www.financialexpress.com... /

a reply to: Arnie123

At a time when the US is looking for allies over this matter hitting their business with sanctions doesn't seem like a good idea , an angry China is not a good intermediary between the North Koreans and the US.
The sanctions will just end in more trade with the North and less cooperation with the problem at hand.

It smacks of the administration shooting themselves in the foot.

a reply to: Arnie123

That is great to hear.

originally posted by: Justso
a reply to: Arnie123

That is great to hear.

Not really , India doesn't have a problem with North Korea to sort out and boycotting is different to sanctioning.

originally posted by: Justso
Economics is really our strongest and best response. Wish we didn't owe China so much money. Wonder how that will play into these sanctions.

It goes both ways. China currently holds 1.1 trillion of our debt, as per the cite:

"The U.S. debt to China is $1.102 trillion, as of May 2017. That's 28 percent of the $3.9 trillion in Treasury bills, notes, and bonds held by foreign countries. The rest of the $19.8 trillion national debt is owned by either the American people or by the U.S. government itself."

www.thebalance.com...

Leverages work both ways, its like a chess board when you take a step back to view from a larger perspective.

All I know, we need to disconnect from the CCP. Part of the cited article explains how owning OUR debt actually helps their economy be keep exports priced lower, selling it off would drop the dollar and raise export prices to such that American consumers will go for American products.

china is consistently calling for a new worlds reserve currency, that recommended the yuan. This could never happen, if we do get a new world reserved currency, it won't be the yuan.

Very interesting.

originally posted by: gortex
a reply to: Arnie123

At a time when the US is looking for allies over this matter hitting their business with sanctions doesn't seem like a good idea , an angry China is not a good intermediary between the North Koreans and the US.
The sanctions will just end in more trade with the North and less cooperation with the problem at hand.

It smacks of the administration shooting themselves in the foot.

Sure, but there wasn't any real action prior either, so with that being said, what recommendations do you see as viable?

originally posted by: gortex

originally posted by: Justso
a reply to: Arnie123

That is great to hear.

Not really , India doesn't have a problem with North Korea to sort out and boycotting is different to sanctioning.

No, but this is out of response to their own issues.
Compare and contrasting on our response with situations involving china.