More N. Korea Sanctions

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The South Korean government has announced additional sanctions on North Korea ahead of President Moon Jae-in's upcoming visit to China. The new sanctions target 20 North Korean organizations and 12 individuals. Here’s more in our top story.

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The Moon Jae-in administration has announced the second set of sanctions against North Korea since its inauguration. The new sanctions target 20 North Korean financial institutions and shipping companies, including the Rason International Commercial Bank and Korea Rungrado Shipping Company. The 12 sanctioned individuals, who are all based overseas, include North Korean intelligence agent Kim Su-wang, who is based in Belarus, and Ryugyong Commercial Bank representative in Beijing Ri Ho-nam. The new sanctions were imposed less than two weeks since Pyongyang fired the Hwasong-15 missile on November 29. A Seoul official said that the sanctioned organizations and individuals were involved either in providing funds for the development of weapons of mass destruction or illegal transactions of sanctioned items. The sanctioned organizations and individuals were listed in the government newsletter on Monday. From now on, their financial assets in South Korea will be frozen and they will be banned from doing business with sanctioned organizations and South Korea. However, since inter-Korean trade has already been completely suspended due to the shutdown of the Kaesong Industrial Complex, the new sanctions are construed to have a rather symbolic meaning of going with the flow of the international community. Attention is focusing on the background of the sanctions, as they come just two days before President Moon's upcoming visit to China.