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.

“This new Executive Order will authorize Treasury to impose a range of sanctions, such as suspending U.S. correspondent account access to any foreign bank