Seoul Gazette - US Treasury sanctions network for role in fentanyl import

"Today, more people in the United States aged 18 to 49 die from fentanyl than from any other cause," Yellen told an event in Mexico City.

She is on a visit until Thursday, during which she is set to meet Mexico's president, finance minister and central bank governor.

In the latest sanctions, the US Treasury took aim at a network of 15 individuals as well as two entities affiliated with the Beltran Leyva Organization cartel, to disrupt the supply of fentanyl, a powerful synthetic opioid.

They include Oscar Manuel Gastelum Iribe and Pedro Inzunza Noriega, who are among the group's current top leadership, Treasury said.

Two companies, Editorial Mercado Ecuestre and Difaculsa, were found to be linked to the organization as well.

The cartel is one of the most powerful drug trafficking groups globally, and is "heavily involved in the transportation and distribution" of drugs such as cocaine and fentanyl to the United States, Treasury added.

Yellen's trip comes after US President Joe Biden and Mexican President Andres Manuel Lopez Obrador pledged last month to work together to tackle the fentanyl crisis.

China is also taking action against illicit suppliers in the industry, following talks between Biden and Chinese President Xi Jinping.

Yellen said most precursor chemicals for illegally making the drug come from China and are synthesized in Mexico before the fentanyl is smuggled into the United States.

She called the illicit drug trade "a significant threat to our national security," and a threat to public safety in Mexico.

On Wednesday, Yellen is due to meet central bank governor Victoria Rodriguez and host a discussion on illicit finance with financial institution leaders and members of the Mexican Banking Association.

She will also meet with Mexican business executives.

Washington is renewing a push to shift supply chains towards its trusted partners, as it seeks greater stability amid economic and geopolitical tensions with China.

This year, Mexico became the United States' largest trading partner in goods.

Among issues that could come up during the trip include strengthening Mexico's investment regime, to ensure investment in the country "doesn't become a channel for threats to US national security," Yellen earlier told reporters.

She is expected to meet President Lopez Obrador and Finance Minister Rogelio Ramirez de la O on Thursday.

J.Gong--SG