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U.S. Ambassador to the United Nations Nikki Haley will address the latest round of U.S. sanctions against North Korea, which target foreign banks that do business with North Korean companies, nationals or the regime of Kim Jong Un.

Secretary of the Treasury Steve Mnuchin announced the sanctions earlier in the day, telling reporters that foreign banks “can choose to do business with the United States, or with North Korea, but not both.”

The new sanctions came just hours after reports emerged that the Bank of China will stop doing business with North Korea, the most serious sign to date that Beijing is unwilling to accept North Korea’s recent increase in missile launches and bomb tests.

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