October 01, 2023

New U.S. executive order covers nearly all N. Korean trade, banks

New measures allow Treasury Department to cut financial institutions off from U.S. financial system

A new Executive Order (EO) signed by U.S. President Trump on Thursday will give the Treasury Department the ability to cut banks from the U.S. financial system for transacting with North Korea, and targets nearly all businesses trading with the DPRK.

The executive order goes significantly beyond recent UN Security Council (UNSC) resolutions, covering businesses that have been involved in just "one significant importation from or exportation to North Korea," while including similar wording for financial institutions.