Freshly expanded sanctions against North Korea look set to drive de-risking by banks, as foreign entities now run the risk of losing access to the entire U.S. financial market.
Last month the United States escalated sanctions against North Korea, adding an extraterritorial reach to the existing measures.
This means that in addition to forbidding all U.S. persons — both individuals and businesses — from having dealings with designated entities, any foreign financial institution found to be aiding designated North Korean bodies would be excluded from the U.S. financial system.
Any domestic assets would also be frozen.
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