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US Senators Preparing Bill to Sanction N. Korea and its Enablers

News2017-07-09
US Senators Preparing Bill to Sanction N. Korea and its Enablers

Two United States senators are preparing a bill to sanction financial entities that do business with North Korea in the wake of the North’s recent missile provocation.

Senators Pat Toomey and Chris Van Hollen said on Friday that they will introduce a new sanctions bill in the coming weeks to help exert maximum pressure on North Korea and its enablers.

The senators said that the new sanctions are intended to compel Pyongyang to engage in denuclearization talks by cutting off its remaining access to the international financial system.

The two Senate offices said that the bill is designed to offer foreign banks, specifically Chinese banks, with a stark choice: continue doing business with North Korea or maintain access to the U.S. financial system.

The bill would also include a waiver letting the United States suspend or nix sanctions if Pyongyang meets a series of guidelines including "significant and verifiable progress" toward ending its weapons of mass destruction program, ending missile tests and returning U.S. citizens and residents abducted by the North.

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