Treasury Department stated that United States sanctioned 7 people and 16 entities, consisting of the state-owned provider Air Koryo, for ties to North Korea’s nuclear program.
“From financial services to mining and energy, today’s action targets individuals and entities operating in key industries that support North Korea’s illicit activities,” stated the Acting Under Secretary for Terrorism and Financial Intelligence, Adam Szubin.
The sanctioned people consisted of authorities with the Ministry of Atomic Energy Market, the president of the Second Academy of Natural Sciences, the vice chairman of the Second Economic Committee and the president of the Korean Kumsan Trading Corporation.
North Korea’s Air Koryo along with other state-owned entities, consisting of the Koryo Development Bank and Korea Oil Exploration Corporation, were likewise included to the Office of Foreign Assets Control (OFAC) sanctions list.
In addition, OFAC approved 4 firms for “exporting” North Korean employees to nations in Africa, Asia and the Middle East. A few of the profits produced by those employees overseas is utilized for weapons advancement, the release described.
Szubin stated the sanctions intend to cut the circulation of funds to the central government and interfere with Pyongyang’s nuclear program in reaction to nuclear tests, that is violation of UN Security Council resolutions and the advancement of weapons of mass destruction.
On Wednesday, the UN Security Council unanimously authorized new sanctions on North Korea in reaction to the nation’s newest nuclear test in September. The sanctions prohibit the export of statues and a number of metals and limit coal exports by 60 percent.
