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article imageCash flow restriction eyed as punishment for North Korea

By Leo Reyes     Jun 1, 2010 in Politics
Restricting cash inflow to North Korea could be an effective way to punish North Korea for the sinking of a South Korean warship that left 46 people dead last March 26, according to the South Korean Foreign Minister.
North Korea is being blamed for the violent attack after a multinational probe group found North Korea responsible for the sinking of the warship. The group concluded in its report that a torpedo with North Korean markings was fired from a submarine believed to be owned by North Korea.
Yonhap News
Restricting cash inflow into North Korea is one of the most effective ways to punish the communist nation for sinking a South Korean warship and to prevent similar provocations, South Korea's foreign minister said.
"If cash inflow into North Korea is restricted, I think it will lower the possibility of nuclear weapons development and deter belligerent behavior," Foreign Minister Yu Myung-hwan said in an interview with British broadcaster BBC aired Tuesday morning (Korean time).
The sinking of the ship and the resulting investigations of the submarine attack has enraged South Korea and called on the United Nations to punish the communist country.
In retaliation, South Korea has halted trade with Pyongyang and banned North Korean commercial ships from using South Korean waters for their short cut routes.
"North Korean provocations should be dealt with through international cooperation," Yu said. "We will hold North Korea accountable for its wrongdoing through all peaceful means and let it know that provocations come with a price."
Meanwhile Russia has started its own probe into the warship sinking incident .
The four-member Russian team of experts in submarine and torpedos arrived in Seoul earlier in the day. They will be briefed about the results of the international probe, officials said, and will also inspect the wreckage of the ship, the Cheonan, as well as the site of the sinking during their stay.
Russia, an ally of North Korea, has said it will decide on its position on South Korea's plan to refer the North's sinking of the Cheonan to the U.N. Security Council after examining the outcome of the investigation.
The Russian report is expected to be completed in seven days.
More about Warship, Torpedo, South Korea, North korea usa
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