The United States has extended economic sanctions against North Korea for another year.

In his emergency executive order, U.S. President Barack Obama decided to keep restrictions on asset transactions with the North for an additional year, citing escalating tensions about Pyongyang's nuclear program and missile deployments.

The restrictions were scheduled to expire on June 26th.

He said in a statement to the U.S. Congress that the risk of weapons proliferation and the presence of usable fissile material on the Korean Peninsula continue to pose an unusual and extraordinary threat to U.S. security.

Former U.S. President George W. Bush removed some of the trade sanctions against North Korea by rescinding the Trading with the Enemy Act in June last year. But he retained restrictions on asset transactions with the North for one year.