Lawmakers in Washington are proposing stricter sanctions against North Korea by punishing companies, banks and governments that do prohibited business with the country.
Washington is hoping the United Nations (U.N.) will adhere to these new sanctions to limit North Korea’s economy. The bill was introduced by Ed Royce, R-Calif. and Eliot Engel, D-N.Y. Its prospects for becoming law are uncertain.
These sanctions are modeled on the sanctions currently in force with Iran. The bill was crafted by leaders of the House Foreign Affairs Committee on Friday. It is a reflection of the growing concern over North Korea’s nuclear weapon development and their current threats against America.
In 2012, the United States and the European Union placed sanctions on Iran creating an embargo on oil purchases from the country which cut Iran’s net oil export revenue by 27.4 percent, according to the U.S. Energy Information Administration.
North Korea’s ruler, Kim Jong Un, has threatened to go to war with Washington and South Korea with nuclear weapons over the last month. This developed from three separate nuclear tests North Korea carried out between December and February.
North Korea stated it wishes to establish itself as the world’s newest nuclear weapons power. Over time though, the regime has set its nuclear development on hiatus to lift sanctions.
According to the “New York Times,” North Korea claims the reason it continues to strengthen its nuclear development is to defend itself against the United States, which has 28,000 troops in South Korea.
Over the past two months the country held joint military drills with South Korea that have included nuclear capable stealth bombers and fighter jets. Sanctions were implemented between Washington and North Korea after the 9/11 attacks when North Korea was placed on the axis of evil list. It is now contended that North Korea’s possession of nuclear weapons poses a serious threat to the world.
In 2006, the U.N. Security Council unanimously imposed sanctions on North Korea in reaction to its nuclear test. After negotiations, the U.N. established an embargo on military and technological materials, as well as luxury goods.
The resolution also demanded the freezing of North Korea’s financial assets with the exception of funds necessary to meet basic needs.
The U.S. government held $25 million in North Korean Funds at a Macau-based bank. This had a significant impact which allowed North Korea to become more negotiable with their nuclear weapon development.
The U.S. is hoping these new sanctions will revert North Korea back to 2006 negotiations.