North Korea can no longer make financial transactions abroad as more countries are freezing the accounts of its agencies and individuals in accordance with U.N. sanctions.
Russia's central bank announced Thursday that transactions with the North's financial institutions were no longer allowed without United Nations' approval. Russian banks must now close their accounts deemed to be related to Pyongyang's nuclear and missile development programs.
The bank also froze the bonds owned by North Korean individuals and organizations based on U.N. Security Council Resolution 2270, imposed on Pyongyang after its fourth nuclear test and ballistic missile tests this year.
The measure came one day after Switzerland banned its banks from engaging in financial transactions, trade, maritime and air transport, and education with North Korea. Swiss bank assets directly and indirectly owned by the Workers' Party of Korea and other state agencies are to be frozen, and Swiss financial institutions are not allowed to open branches in North Korea. All existing offices must be shut down by June 2.
The EU also expanded its measures against the North, Thursday, adding 18 people and one entity to its asset freeze and travel ban blacklists.
The 28-nation bloc said in a statement that the persons subjected to restrictive measures are mostly high-ranking military officials involved in key bodies responsible for supporting or promoting the nation's nuclear-related, ballistic missile-related or other weapons of mass destruction-related programs.
The sanctions are in place against 66 people and 42 entities in total. The EU introduced restrictive measures against Pyongyang in 2006, which includes prohibitions on the export and import of arms, goods and technology that could contribute to the illegal programs.
"A perception has taken hold in the international community that sanctions and pressure of a different kind compared to the past should be applied to get the North to change and seek denuclearization," South Korea's Foreign Minister Yun Byung-se said during a forum, Friday.
"In the last couple of days, countries have taken their own measures against Pyongyang. Our government will keep leading the international community's pressure on the North from all possible directions going forward."
Switzerland's sanctions against the North were stronger than expected.
Bern banned exports of its luxury products such as watches and golf and ski equipment to Pyongyang. All exports to the North must be approved by the Swiss government in advance.
The policy is expected to hit North Koreans studying in Switzerland. They will no longer be allowed to take classes in advanced physics, and computer and nuclear engineering.
The measure deals a fatal blow to the North's leader Kim Jong-un, who has had strong affections for the European nation, where he spent most of his childhood and adolescence, from the early 1990s to 2000.
Since Kim took power in 2012, he has carried out a number of policies associated with the European country, including the construction of a Swiss-inspired ski resort in Gangwon Province, which was estimated to cost 356 billion won ($300 million). Kim also ordered his country to build swimming pools similar to the ones in Switzerland.
The North Korean leader is also known for his love of Swiss luxuries.
According to government sources, Kim possesses a wrist watch by Swiss master watchmaker Patek Philippe estimated to be worth 100 million won. In 2012, Pyongyang brought about 200 million won worth of European baby care products into the country, including Swiss brand Medela's Symphony breast pump allegedly for Kim's family.
"The Kim Jong-un regime will feel betrayed by Switzerland if the sanctions also freeze his slush fund and stops Kim's family from importing luxuries," a government source said.
Russia's central bank announced Thursday that transactions with the North's financial institutions were no longer allowed without United Nations' approval. Russian banks must now close their accounts deemed to be related to Pyongyang's nuclear and missile development programs.
The bank also froze the bonds owned by North Korean individuals and organizations based on U.N. Security Council Resolution 2270, imposed on Pyongyang after its fourth nuclear test and ballistic missile tests this year.
The measure came one day after Switzerland banned its banks from engaging in financial transactions, trade, maritime and air transport, and education with North Korea. Swiss bank assets directly and indirectly owned by the Workers' Party of Korea and other state agencies are to be frozen, and Swiss financial institutions are not allowed to open branches in North Korea. All existing offices must be shut down by June 2.
The EU also expanded its measures against the North, Thursday, adding 18 people and one entity to its asset freeze and travel ban blacklists.
The 28-nation bloc said in a statement that the persons subjected to restrictive measures are mostly high-ranking military officials involved in key bodies responsible for supporting or promoting the nation's nuclear-related, ballistic missile-related or other weapons of mass destruction-related programs.
The sanctions are in place against 66 people and 42 entities in total. The EU introduced restrictive measures against Pyongyang in 2006, which includes prohibitions on the export and import of arms, goods and technology that could contribute to the illegal programs.
"A perception has taken hold in the international community that sanctions and pressure of a different kind compared to the past should be applied to get the North to change and seek denuclearization," South Korea's Foreign Minister Yun Byung-se said during a forum, Friday.
"In the last couple of days, countries have taken their own measures against Pyongyang. Our government will keep leading the international community's pressure on the North from all possible directions going forward."
Switzerland's sanctions against the North were stronger than expected.
Bern banned exports of its luxury products such as watches and golf and ski equipment to Pyongyang. All exports to the North must be approved by the Swiss government in advance.
The policy is expected to hit North Koreans studying in Switzerland. They will no longer be allowed to take classes in advanced physics, and computer and nuclear engineering.
The measure deals a fatal blow to the North's leader Kim Jong-un, who has had strong affections for the European nation, where he spent most of his childhood and adolescence, from the early 1990s to 2000.
Since Kim took power in 2012, he has carried out a number of policies associated with the European country, including the construction of a Swiss-inspired ski resort in Gangwon Province, which was estimated to cost 356 billion won ($300 million). Kim also ordered his country to build swimming pools similar to the ones in Switzerland.
The North Korean leader is also known for his love of Swiss luxuries.
According to government sources, Kim possesses a wrist watch by Swiss master watchmaker Patek Philippe estimated to be worth 100 million won. In 2012, Pyongyang brought about 200 million won worth of European baby care products into the country, including Swiss brand Medela's Symphony breast pump allegedly for Kim's family.
"The Kim Jong-un regime will feel betrayed by Switzerland if the sanctions also freeze his slush fund and stops Kim's family from importing luxuries," a government source said.
Russia's central bank announced Thursday that transactions with the North's financial institutions were no longer allowed without United Nations' approval. Russian banks must now close their accounts deemed to be related to Pyongyang's nuclear and missile development programs.
The bank also froze the bonds owned by North Korean individuals and organizations based on U.N. Security Council Resolution 2270, imposed on Pyongyang after its fourth nuclear test and ballistic missile tests this year.
The measure came one day after Switzerland banned its banks from engaging in financial transactions, trade, maritime and air transport, and education with North Korea. Swiss bank assets directly and indirectly owned by the Workers' Party of Korea and other state agencies are to be frozen, and Swiss financial institutions are not allowed to open branches in North Korea. All existing offices must be shut down by June 2.
The EU also expanded its measures against the North, Thursday, adding 18 people and one entity to its asset freeze and travel ban blacklists.
The 28-nation bloc said in a statement that the persons subjected to restrictive measures are mostly high-ranking military officials involved in key bodies responsible for supporting or promoting the nation's nuclear-related, ballistic missile-related or other weapons of mass destruction-related programs.
The sanctions are in place against 66 people and 42 entities in total. The EU introduced restrictive measures against Pyongyang in 2006, which includes prohibitions on the export and import of arms, goods and technology that could contribute to the illegal programs.
"A perception has taken hold in the international community that sanctions and pressure of a different kind compared to the past should be applied to get the North to change and seek denuclearization," South Korea's Foreign Minister Yun Byung-se said during a forum, Friday.
"In the last couple of days, countries have taken their own measures against Pyongyang. Our government will keep leading the international community's pressure on the North from all possible directions going forward."
Switzerland's sanctions against the North were stronger than expected.
Bern banned exports of its luxury products such as watches and golf and ski equipment to Pyongyang. All exports to the North must be approved by the Swiss government in advance.
The policy is expected to hit North Koreans studying in Switzerland. They will no longer be allowed to take classes in advanced physics, and computer and nuclear engineering.
The measure deals a fatal blow to the North's leader Kim Jong-un, who has had strong affections for the European nation, where he spent most of his childhood and adolescence, from the early 1990s to 2000.
Since Kim took power in 2012, he has carried out a number of policies associated with the European country, including the construction of a Swiss-inspired ski resort in Gangwon Province, which was estimated to cost 356 billion won ($300 million). Kim also ordered his country to build swimming pools similar to the ones in Switzerland.
The North Korean leader is also known for his love of Swiss luxuries.
According to government sources, Kim possesses a wrist watch by Swiss master watchmaker Patek Philippe estimated to be worth 100 million won. In 2012, Pyongyang brought about 200 million won worth of European baby care products into the country, including Swiss brand Medela's Symphony breast pump allegedly for Kim's family.
"The Kim Jong-un regime will feel betrayed by Switzerland if the sanctions also freeze his slush fund and stops Kim's family from importing luxuries," a government source said.