Japan and Australia are planning to sanction North Korea’s Foreign Trade Bank as part of the international crackdown on money going to fund Pyongyang’s nuclear program.
Foreign Ministry sources in Canberra aren’t revealing which measures they’ll take or when, but the sanctions will be designed to prevent any Australian dealing with North Korea’s Foreign Trade Bank. That bank has no known branch in Oz, although Australia does have diplomatic relations with North Korea.
Japan does not. Tokyo is already drafting the rules that will prevent any entity from doing business with the North Korean bank. Japan is expected to announce the new sanctions once legal documents were prepared.
Australia and Japan are going along with Washington’s drive to follow UN sanctions with its own tougher measures that target and isolate those nations and corporations that would get into bed with Pyongyang. They’ll be faced with a choice: Do business with North Korea, or do business with the rest of the world.