The move coincides with the United States imposing its largest package of unilateral sanctions against North Korea on Friday, intensifying pressure on Pyongyang to give up its nuclear weapons and missile programmes.
More than 50 ships and shipping companies were cited by the Treasury Department for evading existing USA and global sanctions.
The sanctions target ships, companies and one individual involved in schemes created to evade already-existing sanctions on illicit cargo, including fuel. While most of those name were based in North Korea, companies and ships from China, Singapore, Taiwan, Panama, Tanzania, the Marshall Islands and the Comoros were also included.
Mnuchin said virtually all shipping currently being used by North Korea was now under sanction and the USA government had "issued an advisory alerting the public to the significant sanctions risks to those continuing to enable shipments of goods to and from North Korea".
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President Trump plans to unveil a "massive" new set of sanctions against North Korea on Friday, an administration official told Fox News.
Speaking at CPAC on Thursday, Pence made clear the US continues to take a firm stance against Pyongyang's nuclear program and the regime.
President Donald Trump has warned that the United States will go to "Phase 2" if sanctions imposed on North Korea do not have the desired effects.
China's exports to North Korea totalled $168.88 million in January compared with $257.73 million in December, while imports from North Korea were $47.09 million versus $54.68 million in December.
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She added Vice President Mike Pence "was ready to take this opportunity to drive home the necessity of North Korea abandoning its illicit ballistic missile and nuclear programs".
Last September, the Council adopted a resolution banning high-seas petroleum transfers to North Korean ships, part of the UN's attempt to force the government of Kim Jong Il to cease its nuclear weapons program. She had dinner with Moon after a closed-door meeting with the president.
"We will push to enter into full-fledged dialogue while maintaining inter-Korean and US-North Korea talks as major pillars", said the ministry.
Acknowledging public angst over Kim's pending visit, Baik said the South's stance that the Cheonan sinking was instigated by the North has not changed.
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Officials said the North Koreans hide the identity of their ships by painting over names and disabling homing beacons created to help other ships avoid collisions on the water. The delegation will also meet President Moon Jae-in.