On November 6, North Korea criticized the US imposition of new sanctions and said it would respond. According to KCNA news agency, Pyongyang believes that the US President Donald Trump administration is taking hostile measures, escalating tensions instead of promoting dialogue.
The US Treasury Department had previously announced sanctions aimed at tightening North Korea's financial resources. The list includes 2 financial institutions and 8 individuals accused of participating in money laundering from illegal activities such as cyber attacks and fraud through overseas IT workers.
The US Treasury Department has accused North Korean-backed cyber groups of stealing and laundering money to serve the development of a nuclear weapons program.
Among the targeted organizations and individuals are Mangyongdae Computer Technology Company and Ryujong Credit Bank in North Korea.
The individuals sanctioned include Mr. U Yong-su - Chairman of Mangyongdae Company, and figures involved in the illegal money transfer such as Mr. Jang Kuk-cholson and Mr. Ho Jong-son.
The US Treasury Department accused the money of including $5.3 million in cryptocurrency related to ransomware and overseas IT activities of North Korea.
The US State Department said it is planning to propose additional measures through the UN Security Council's Penalty Committee.
Washington also accused seven ships of smuggling North Korean coal and iron ore to China, with an estimated revenue of $200 to $400 million a year. These ships could have their assets frozen, banned from entering the port or had their registration revoked if the proposal was approved.
However, approval requires the consent of all 15 members, including China and Russia - countries with voting rights.
The sanctions were announced after Mr. Trump's visit to South Korea did not lead to an expected meeting with leader Kim Jong-un. North Korea has previously tested cruise missiles against land and expressed dissatisfaction with diplomatic signals from Washington. However, President Trump believes the door to dialogue remains open.
The National Intelligence Service assessed that Pyongyang could consider negotiations when conditions are favorable. A South Korean National Assembly member said many signs suggest that North Korea is still preparing for the possibility of a dialogue in the future, even though the summit will not take place.
