US Sanctions Banks, Companies, People Supporting North Korea
The U.S. this week sanctioned people and entities for their ties to North Korea, including financial firms, employees of U.S.-designated companies, military officials and others.
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The Treasury Department said the designations were partly a response to North Korea’s most recent ballistic missile tests, which the country funds from revenue generated by overseas workers and state-owned entities.
Among those sanctioned was Golden Triangle Bank. The Office of Foreign Assets Control said foreigners use the bank to exchange foreign currency into local currency for use within North Korea. OFAC also sanctioned Korea Mandal Credit Bank, a Pyongyang-headquartered financial institution with representatives in China. OFAC also said the bank facilitates payments for entities that support North Korea’s missile program.
The U.S. also designated Choe Chol Ryong, a representative of U.S.-sanctioned Korea Kwangson Banking; Kim Myong Jin, a representative of U.S.-sanctioned Korea Daesong Bank; Ri Chang Ho, the head of North Korea’s Reconnaissance General Bureau; and Ju Chang Il, director of the Workers’ Party of Korea’s Propaganda and Agitation Department. OFAC also sanctioned North Korean Defense Minister Ro Kwang Chol and military officials Kim Yong Bok, Pak Jong Chon, as well as physics professor Im Song Jin and military academy president Kim Geum Cheol.
OFAC also targeted several Russian companies that it said are shipping thousands of tons of oil and gas to North Korea, including Vostok Trading LLC, DV Ink LLC and Novosibirskoblgaz LLC. The agency also sanctioned Sibregiongaz, the Russia-based owner of Novosibirskoblgaz, and Okryu Trading Company, a North Korea-based foreign trade company that it said has received thousands of tons of oil shipments from Russia.
The State Department sanctioned the Second Academy of Natural Sciences Foreign Affairs Bureau, a "procurement entity" supporting North Korea's defense research and design programs, and Rim Ryong Nam and Kim Yon Hui, North Korean nationals who work with the U.S.-sanctioned Munitions Industry Department of North Korea.