Swiss tighten sanctions against North Korea

This intercontinental ballistic missile was launched at an undisclosed location in North Korea, according to the Pyongyang. It prompted new UN sanctions against the regime Keystone

The Swiss government has followed the United Nations in extending economic sanctions against North Korea for escalating nuclear and missile programmes.

The State Secretariat for Economic Affairs on Monday said it added nine people and four government units in North Korea to its list of sanctions in place since 2006, notably banning bank services and suspending scientific and technical cooperation except for medical purposes.

The latest sanctions target several representatives of banks with links to the North Korean armed forces as well as state-owned defence and armament companies, according to officials.

Two other names were also struck from the sanctions list.

Neutral Switzerland joined the UN in 2002 following a nationwide vote.

Security Council

On Saturday, the UN Security Council unanimously imposed new sanctions on North Korea that could slash by a third the Asian state’s $3 billion (CHF2.9 billion) annual export revenue over its two intercontinental ballistic missile tests in July.

The United States-drafted resolution bans North Korean exports of coal, iron, iron ore, lead, lead ore and seafood. It also prohibits countries from increasing the current numbers of North Korean labourers working abroad, bans new joint ventures with North Korea and any new investment in current joint ventures.

In turn, North Korea has accused Washington and South Korea of escalating tensions by conducting military drills.