US Treasury Adds Two Individuals and Three Companies to Sanctions List for North Korea Oil Exports (Comprehensive)

Janet Yellen, U.S. Secretary of the Treasury [Photo by Yonhap News]

[Asia Economy Reporter Kim Daehyun] Amid concerns that North Korea may conduct its 7th nuclear test following a series of missile provocations, the United States has added two North Koreans and three North Korea-related entities involved in oil exports to North Korea to its sanctions list.

On the 7th (local time), the U.S. Department of the Treasury stated, "These sanctions are aimed at countering North Korea's activities to evade UN sanctions on weapons and military development." It also explained that the sanctions are related to North Korea's recent missile provocations.

Brian Nelson, Deputy Assistant Secretary for Terrorism and Financial Intelligence (TFI) at the U.S. Treasury, said in a statement, "North Korea's launch of a long-range ballistic missile over Japanese airspace is a continuous violation of United Nations Security Council resolutions," adding, "The United States will continue multilateral pressure on North Korea's sanction evasion efforts and will sanction those who assist such activities."

This is understood to be related to oil exports to North Korea supporting the North Korean military weapons program. The two North Koreans targeted by the sanctions reside in Singapore and Taiwan, respectively. Two of the companies are based in Singapore, and the remaining one is registered in the Marshall Islands.

They are reported to be involved in the ownership and operation of vessels that transported refined oil to North Korea multiple times. The U.S. Treasury Department reports that these vessels were used in ship-to-ship transfers prohibited by the UN and in transporting oil to North Korea's Nampo Port.

Previously, North Korea heightened tensions on the Korean Peninsula by launching one intermediate-range ballistic missile (IRBM) over Japanese airspace on the 4th and two short-range ballistic missiles (SRBM) into the East Sea on the 6th. There are growing expectations that North Korea will soon carry out strategic provocations such as the 7th nuclear test.