US Imposes Additional Sanctions on North Korea... Targeting 1 North Korean Individual and 3 Organizations

[Asia Economy New York=Special Correspondent Joselgina] The United States has recently imposed additional sanctions on North Korea, which continues provocations such as ballistic missile launches.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on the 27th (local time) that it has added one North Korean national who supported North Korea's weapons of mass destruction (WMD) and missile program development, as well as three institutions from North Korea and Russia, to the sanctions list. OFAC condemned, "North Korea has test-fired 23 ballistic missiles this year alone, including 6 ICBMs," adding, "all of these are violations of United Nations Security Council resolutions."

The North Korean national targeted by the sanctions is affiliated with a subordinate organization of the Second Academy of Natural Sciences (currently the Academy of Defense Science), which plays a key role in North Korea's missile development program, and has been active in Minsk, Belarus, involved in procuring missile-related materials. The three institutions are Korea Koryo Trading Corporation, a subsidiary of North Korea's Air Koryo, and two Russian banks: Far Eastern Bank and Bank Sputnik.

Accordingly, the sanctioned individuals are prohibited from traveling to the United States, and their assets within the U.S. will be frozen. Additionally, all transactions with these individuals and institutions are completely banned.

Brian Nelson, Deputy Secretary of the Treasury, stated, "These sanctions target individuals and institutions that supported North Korea's WMD and ballistic missile development or provided financial services," and added, "The United States will continue sanctions and urges North Korea to halt weapons development and return to the path of diplomacy."

Earlier, North Korea launched three missiles, including an ICBM, on the day U.S. President Joe Biden returned from his visits to South Korea and Japan. The United Nations Security Council voted on a U.S.-led resolution to impose additional sanctions on North Korea, including reducing North Korea's fuel import limits, but it was not adopted due to vetoes by China and Russia.