Americas

US sanctions 1 person, 1 entity, 2 Russian banks for aiding North Korea

Individuals, entities, accused by Treasury Department of aiding North's ballistic missile, WMD programs, flag carrier

Michael Hernandez   | 27.05.2022
US sanctions 1 person, 1 entity, 2 Russian banks for aiding North Korea

WASHINGTON

The US sanctioned Friday one individual, two banks, and a trading company for allegedly aiding North Korea's ballistic missile and weapons of mass destructions programs, as well as its blacklisted flag carrier.

The Treasury Department's Office of Foreign Assets Control (OFAC) said Belarus-based Jong Yong Nam is being sanctioned for serving as a representative for a subordinate of the North's Second Academy of Natural Sciences. The organization is responsible for research and development related to North Korea's ballistic missile and WMD programs.

It was sanctioned by the Obama administration in 2010.

The Air Koryo Trading Corporation is being sanctioned for allegedly providing assistance to Pyongyang's Ministry of Rocket Industry. The ministry sought to use the trading company "to acquire various electrical components and dual-use goods, including transistors and hydraulic system components," the Treasury said in a statement.

Russia-based Far Eastern Bank is being designated for providing material support to Air Koryo, North Korea's national airline.

Bank Sputnik, also based in Russia, has been blacklisted for providing "financial, material, technological, or other support for, or goods or services in support of, the DPRK Foreign Trade Bank," which is the North's primary foreign exchange bank.

The exchange bank was placed under UN sanctions in 2017, and is also under US economic penalties.

“Treasury is targeting supporters of the DPRK’s WMD and ballistic missile programs, as well as foreign financial institutions that have knowingly provided significant financial services to the DPRK government,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said.

“The United States will continue to implement and enforce existing sanctions while urging the DPRK to return to a diplomatic path and abandon its pursuit of weapons of mass destruction and ballistic missiles," he added.

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