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U.S. slaps new sanctions on North Korea

Staff Writer |
The U.S. continued to apply economic pressure on North Korea for its nuclear and ballistic missile programs, sanctioning eight banks and 26 individuals.

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All of the individuals are linked to North Korean financial networks, according to the Treasury Department that said they operate on behalf of North Korean banks in China, Russia, Libya and the United Arab Emirates.

“We are targeting North Korean banks and financial facilitators acting as representatives for North Korean banks across the globe,” Treasury Secretary Steve Mnuchin said in a statement.

“This further advances our strategy to fully isolate North Korea in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula."

Mnuchin's department listed the eight banks as the Agricultural Development Bank, Cheil Credit Bank, Hana Banking Corporation Ltd, International Industrial Development Bank, Jinmyong Joint Bank, Jinsong Joint Bank, Koryo Commercial Bank Ltd and Ryugyong Commercial Bank.

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