US imposes fresh sanctions on North Korea despite Treasury warning

The United States has imposed fresh punitive measures on North Korea, targeting the country’s missile program despite a recent warning from the Treasury that sanctions are pushing many countries to seek alternatives to the dollar for settlements.

The US Treasury Department issued the punitive action on Thursday after South Korea earlier said its neighbor fired two short-range missiles, Reuters reported.

The South Korean military said North Korea fired two short-range missiles off its east coast on Thursday after Pyongyang warned of an "inevitable" response to the military drills staged by several thousand South Korean and US troops on the Korean Peninsula.

The Treasury in a statement said it imposed sanctions on two North Korean nationals, accusing them of being involved in the procurement of equipment and materials for the country's ballistic missile program.

"The United States is committed to targeting the regime’s illicit procurement networks that feed its weapons programs," said the Treasury's Under Secretary for Terrorism and Financial Intelligence, Brian Nelson.  

The sanctions also targeted a Beijing-based representative for the Second Academy of Natural Sciences, which the US claimed is responsible for research and development for North Korea's advanced weapons systems. His wife was hit with sanctions as well.

The Treasury in the statement said North Korea continues to use a network of representatives abroad to import components necessary for its nuclear and ballistic missile programs.

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Earlier in the day, South Korean and US troops held joint live-fire exercises in the region. A total of 2,500 troops took part in the maneuvers in Pocheon, northeast of Seoul.

President Yoon Suk Yeol of South Korea personally watched the live-fire exercises. He said the drills were the largest of their kind ever held with the United States.

North Korea released a statement on Thursday, with a defense ministry spokesperson saying the exercises were “targeting the DPRK (North Korea) by massively mobilizing various types of offensive weapons and equipment.”

“Our response to this is inevitable,” said the statement, carried by the official Korean Central News Agency.

It said the drills were “escalating the military tension in the region.”

North Korea has been under harsh sanctions by the United States and the United Nations Security Council for years over its nuclear and ballistic-missile programs.

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US Treasury Secretary Janet Yellen admitted during her annual appearance on Tuesday before the House Financial Services Committee that US sanctions were pushing many countries to seek alternatives to the dollar for settlements.

Asked about the risk of de-dollarization, Yellen acknowledged that the use of the dollar in the global economy is diminishing.

“It’s not surprising that countries that are fearing they can be affected by our sanctions are looking for alternatives to the dollar. It’s something that we simply have to expect,” she stated.

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