North Korea: Economic Sanctions
LIBRARY OF CONGRESS WASHINGTON DC CONGRESSIONAL RESEARCH SERVICE
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U.S. economic sanctions are imposed against North Korea for four primary reasons 1 North Korea is seen as posing a threat to U.S. national security 2 North Korea is designated by the Secretary of State as a state sponsor or supporter of international terrorism 3 North Korea is a Marxist-Leninist state, with a Communist government and 4 North Korea has been found by the State Department to have engaged in proliferation of weapons of mass destruction. The United States has also taken steps to isolate the Macau-based Banco Delta Asia for counterfeiting and money-laundering activities, actions North Korea has characterized as attacks against it. In accordance with U.S. law, the United States limits some trade, denies trade in dual-use goods and services, limits foreign aid, and opposes entry into or support from international financial institutions. At the Presidents discretion, North Korea would also be subject to the economic sanctions pursuant to the International Religious Freedom Act of 1998, under which the administration has identified North Korea as a country of particular concern since 2001, and pursuant to the Trafficking Victims Protection Act of 2000, under which the administration has classified North Korea in the category of most severe offender Tier 3 since 2003. In October 2002, after meetings between high-level U.S. and North Korean government officials, the United States reported that North Korea had confirmed suspicions that it had reactivated its nuclear weapons development program. An international crisis ensued, with North Korea expelling International Atomic Energy Agency IAEA inspectors and declaring that it would withdraw from the Non- Proliferation Treaty. Participants in the Korean Energy Development Organization KEDO including United States, Japan, South Korea and European Union in turn suspended shipments of fuel oil.
- Economics and Cost Analysis
- Government and Political Science