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New US Sanctions Target Back-Channel Financial Cooperation between N. Korea, Russia

Written: 2024-09-20 08:33:58Updated: 2024-09-20 09:55:40

New US Sanctions Target Back-Channel Financial Cooperation between N. Korea, Russia

Photo : YONHAP News

The United States has imposed sanctions against five entities and one individual over allegations that they assisted clandestine financial cooperation between Russia and North Korea.

The Treasury Department's Office of Foreign Assets Control said in a press release Thursday that the targets of the latest sanctions, based in Russia, have supported ongoing efforts to establish illicit payment mechanisms between North Korea and Russia.

They include four banks in Russia and a vice president of one of the banks. 

The Treasury said the latest sanctions seek to counter financial dealings orchestrated by North Korea's two state-run entities -- the Foreign Trade Bank and the Korea Kwangson Banking Corporation.

In a separate statement, the U.S. State Department said the aim of the measure is to cut off networks that facilitate financing for North Korea’s weapons of mass destruction and ballistic missile programs, and for Russia’s illegal war against Ukraine.

The department added that the growing financial cooperation between Moscow and Pyongyang directly threatens international security and the global financial system.

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