Skip to comments.Ranking US lawmaker seeks sanctions on 12 Chinese banks over N. Korea
Posted on 09/13/2017 2:31:10 AM PDT by TigerLikesRooster
Ranking US lawmaker seeks sanctions on 12 Chinese banks over N. Korea
WASHINGTON -- A ranking American lawmaker has asked the US government to sanction 12 large Chinese banks as part of efforts to cut off North Korea's access to the international financial system, an informed source said Wednesday.
The measures, if implemented, would mark a significant increase in pressure on China to rein in North Korea's nuclear and ballistic missile programs. They could also endanger US-China ties.
The list, submitted by House Foreign Affairs Committee Chairman Rep. Ed Royce (R-CA), includes the world's largest bank, Industrial and Commercial Bank of China, according to the source who spoke on the condition of anonymity.
The others are China Construction Bank, Agricultural Bank of China, China Merchant Bank, China Minsheng Banking Corporation, Guangdong Development Bank, Hua Xia Bank, Shanghai Pudong Development Bank, Bank of Communications Co. of China, Bank of Dalian, Bank of Dandong, and Bank of Jinzhou.
Earlier this week, the Washington Post reported that Royce's committee had sent a letter to the administration listing Chinese entities "ripe for sanctions," including the Agricultural Bank of China and the China Merchant Bank.
It quoted Royce as saying, "We have not had the resolve to put these sanctions on those major institutions. It's time to go to maximum pressure."
In 2005, the US blacklisted the Macau-based Banco Delta Asia bank for laundering money for North Korea's regime, prompting other financial institutions to sever ties with Pyongyang for fear of similar sanctions. That forced North Korea to come to the negotiating table.
The UN Security Council adopted new sanctions on Monday to punish North Korea for its sixth nuclear test on Sept. 3, but the measures fell short of US demands for an oil embargo and asset freeze for the North's leader, Kim Jong-un.
A day later, US Treasury Secretary Steven Mnuchin threatened to impose additional sanctions on China if it fails to implement them.
"If China doesn't follow these sanctions, we will put additional sanctions on them and prevent them from accessing the US and international dollar system, and that's quite meaningful," he told a conference in New York, broadcast on CNBC. (Yonhap)
I do not think this is appropriate. They are banks, not agents of our government, and they have no obligation to get involved in our foreign policy.
They’re not “our” banks.
They are China’s.
China is a big, powerful communist country. Banks there, are Chinese banks.
I understood that from the article, but I stand by my position. That is not the way to pressure NK.
Trump tries to win a war without firing a shot. We are way past the stage where we can quibble and haggle about details to make sure we have perfect solution which cause damage to nobody except the intended target. We are left with blunt instruments to get the job done. If this is not allowed, then there will be real fireworks.
It is if it works better than nuclear blackmail or war which those banks are facilitating. That makes them an enemy of the USA.
What do you think is a more effective way to pressure North Korea, then..?
Individuals are sanctioned from various countries for whatever wrong we see them doing.
We are placing economic sanctions on NK, why not this additional measure? I agree with it.
State run banks in China. Not private. They can do what they want, but they can’t do business in US dollars. If you know how international banks work, that is a death sentence.
The dollar is still the reserve currency of the world and all FX has to be done in USD.
This is EXACTLY the way to pressure NK, through their predominate supporter in the region. These are Chinese state-run banks, and with their economy teetering on the brink, a major monetary disruption would have a detrimental effect on their country. Another way to pressure NK (via China) would be to provide Japan and South Korea with tactical nukes...
Meanwhile Russians have been busily creating all sorts of front companies registered around the world to market goods to North Korea to evade sanctions.
If all of this is to get NK to the “negotiating table” then what’s the point? They’ll just lie to get what they want then go back to their same old ways.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.