New US sanctions target North Korean military finances
Reuters
Published Mar 27, 2024 03:52PM ET
Updated Mar 27, 2024 07:42PM ET
(Reuters) -The United States on Wednesday announced sanctions on six individuals and two entities based in Russia, China and the United Arab Emirates, accusing them of channeling funds to North Korea's weapons programs.
South Korea, a U.S. ally, also imposed sanctions on four of the same six individuals and the two entities.
A U.S. Treasury Department statement and South Korea's foreign ministry said the action was taken in coordination between the two countries.
It named the six individuals as Yu Pu Ung, Ri Tong Hyok, Han Chol Man, O In Chun, Jong Song Ho and Jon Yon Gun.
The entities to be hit with sanctions were Alis LLC, based in Vladivostok, Russia, and UAE-based Pioneer Bencont Star Real Estate.
The statement said both firms were subordinate to Chinyong Information Technology Cooperation Co, an entity associated with North Korea's armed forces.
Seoul's foreign ministry said the sanctions target not only individuals directly involved but also those who aided North Korea's illegal financial activities, particularly those earning foreign currency in the information technology sector abroad.
Yu Pu Ung, who laundered money and supplied sensitive materials used to develop North Korea's nuclear and missile programs, was responsible for managing the funds, the ministry said in a statement.
The Treasury Department said Chinyong, which was placed under U.S. sanctions in May 2023, uses a network of companies and representatives to manage delegations of North Korean IT workers operating in Russia and Laos.
The announcement came after the United States and South Korea this week launched a new task force aimed at preventing North Korea from procuring illicit oil, as a deadlock at the United Nations Security Council casts doubts over the future of international sanctions on Pyongyang.
Years of U.S.-led international sanctions have failed to halt North Korea's nuclear weapons and missile programs, and many North Korea watchers and sanctions experts consider the U.N. regime moribund, if not already dead.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.