Mnuchin says firms must choose between business with USA or N. Korea

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NY [U.S.A] September 22: Raising concern over the North Korean missile-tests, Chinese Foreign Minister Wang Yi said that negotiations is the only way to find out the solution and urged the ruling Democratic People's Republic of the Korean Government to not go further in "dangerous direction".

The EU agreed today on new sanctions against North Korea, diplomatic sources said, as the global community steps up efforts to punish the pariah state for its nuclear weapons programme.

The document did not specify whether existing North Korean account holders could still deposit or remove money from their accounts.

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"Today the PSC (EU member states' ambassadors) agreed on a package of new autonomous measures", an EU official said.

The EU plans to reduce how much money North Korean workers in Europe can send home - seen as a key source of vital foreign exchange revenue - from its current level of 15,000 euros. A cut in the number of North Korean workers in Poland from 500 to 300 is also on the cards, the sources said. Under the deal, Iran undertakes to curb its nuclear activities and place them under total control of the International Atomic Energy Agency (IAEA) in exchange of abandonment of the sanctions imposed previously by the United Nations Security Council, the European Union and the United States over its nuclear program.

Washington and its allies hope the tough economic sanctions will sway Pyongyang to come to the table and negotiate an end to its nuclear and missile programmes.

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"Foreign financial institutions are now on notice that going forward they can choose to do business with the United States or with North Korea, but not both", Mnuchin said, after President Donald Trump allowed for possible sanctions against nearly any business trading with North Korea.

It also asks banks to explain to any North Korean customers that they're "fulfilling our global obligations and implementing United Nations sanctions against North Korea", according to the report.

That is what U.S. President Donald Trump said in response to the news, reported by Reuters, that Chinese authorities had told banks to "stop providing financial services to new North Korean customers and to wind down loans with existing customers" in accordance with United Nations sanctions.

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