New North Korea sanctions would tell Chinese banks: It's us or them

A new round of sanctions targeting North Korea would force Chinese banks to choose between doing business with the United States and doing business with North Korea.

Pennsylvania Republican Pat Toomey and Maryland Democrat Chris Van Hollen announced Thursday their Otto Warmbier Banking Restrictions Involving North Korea, or BRINK, Act was added as an amendment to the National Defense Authorization Act for 2020, which passed the Senate later that day. The amendment aims to apply sanctions to joint ventures evading North Korea embargoes, 200 of which involve Chinese banks and financial institutions, according to the senators.