US sanctions Chinese and Russian firms for aiding North Korea
The US Treasury has imposed sanctions on nearly a dozen Russian and Chinese firms and individuals for allegedly aiding North Korea's nuclear weapons program. The move, which the treasury claims would "increase pressure" on North Korea, has angered China. Meanwhile, US Secretary of State Rex Tillerson praised the North for showing restraint in recent days after backing down from threats to attack Guam.
UN's Permanent-Five imposes fresh sanctions on North Korea
Intending to penalize North Korea for keeping its ballistic missile program alive, the UN Security Council on August 6 unanimously imposed sanctions banning North Korean exports and limiting foreign investment. US ambassador to the UN, Nikki Haley termed it, "the most stringent set of sanctions on any country in a generation". Sanctions have failed to deter North Korea's unruliness in the past.
What the fresh sanctions entail?
10 companies and six individuals of Chinese and Russian origin have been sanctioned by the US Treasury. These entities who support North Korea's nuclear and ballistic missile programs will no longer be permitted to do business with American individuals and companies, isolating them from the US financial system. China has called on the US to "immediately correct its mistake" of sanctioning its firms.
Tillerson strikes conciliatory note with North Korea
Tillerson said North Korea hadn't launched any ballistic missiles since the UN Security Council imposed fresh sanctions. Tillerson said Pyongyang had "demonstrated some level of restraint that we've not seen in the past." He hoped that by refraining from making provocative actions, North Korea could facilitate the de-escalation of tensions, leading to possible dialogue.
North Korea refuses to negotiate over nuclear weapons program
A North Korean diplomat said during a UN-backed disarmament conference in Geneva that his country's weapons program was "justifiable and a legitimate option for self-defence." He said North Korea wouldn't negotiate on its nuclear weapons or stop developing them "as long as the US hostile policy and nuclear threat remains unchallenged."
