Treasury Secretary Steven Mnuchin says the U.S.is targeting those "across the globe" who facilitate financial transactions for North Korea.
He said the sanctions were imposed to complement a UN Security Council resolution on September 11 that represented the strongest penalties imposed on North Korea for its nuclear and missile tests. This action might particularly affect Chinese banks, since they have come under scrutiny for their role as a conduit for funds flowing to and from North Korea.
Daines met with South Korea's defense minister, Song Young-moo where they discussed the security situation and danger along the border due to North Korea's ongoing provocations. The Treasury Department says the 26 individuals are North Korean nationals employed by those banks who work in Russia, China, Libya and the United Arab Emirates.
Daines praised the generals in the USA military, calling them "unwavering in their resolve, making sure the North Koreans understand that all options are on the table and we are not going to back down". OFAC has issued a limited new general license, General License No. 10, that authorizes such vessels or airplanes to call at a port or land in the United States only in situations of emergency or distress, or when their landing or calling at a port in North Korea was due exclusively to an emergency or distress, or when an aircraft is engaging in a nontraffic stop (without discharging cargo, passengers, or mail) in the United States. He says: "If we have to take it, we will".
He says all nations must act now for the denuclearization of North Korea. "In particular I applaud China for breaking all banking relationships with North Korea". China is North Korea's most important trading partner.
"Their No. 1 concern is Trump".
South Korean Foreign Minister Kang Kyung-wha urged North Korea on Monday to respond to her government's call for cross-border talks on easing tensions. "There are 300,000 Americans in Seoul and over 30,000 military personnel".
US President Donald Trump said Tuesday he is "totally prepared" to use military options against North Korea. He says it's part of the effort to isolate North Korea over its nuclear weapons program.
Trump has suggested he might seek to renegotiate or walk away from the deal.
"It makes sense to me that our holding up agreements that we have signed, unless there's a material breach, would have an impact on others' willingness to sign agreements, " Dunford said.