April 29, 2013 12:25
A U.S. lawmaker on Saturday proposed tougher sanctions against North Korea, including a "secondary boycott" of firms and banks in third countries engaged in illegal business with the North. The sanctions would be the toughest yet against the renegade country.
The sanctions were submitted to Congress by Ed Royce, the chairman of the U.S. House Committee on Foreign Affairs. A similar secondary boycott is already in effect against Iran.
It would affect business with American corporations by third-country firms dealing with the North and is aimed at making it more difficult for Pyongyang to get the hard currency it needs to develop nuclear weapons and missiles.
The secondary boycott targets mainly Chinese companies and banks since few other countries have any business dealings with North Korea. But that will make it difficult to implement because a conflict with Beijing could be detrimental to the U.S. economy.
The bill therefore also includes a waiver clause that would allow the U.S. government to delay sanctions at its discretion. It also includes a clause that would stop U.S. aid to third countries engaged in arms deals with the North.
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