Yoon Administration's Second Independent Sanctions... 8 North Korean Officials and 7 Organizations Added to Sanctions List

"Contributing to North Korea's Nuclear and Missile Development and Evasion of Sanctions"

Ministry of Foreign Affairs [Image source=Yonhap News]

[Asia Economy Reporter Jang Hee-jun] The government has decided to impose additional independent sanctions against North Korea in response to nuclear and missile threats, including the launch of an intercontinental ballistic missile (ICBM). This move is interpreted as initiating diplomatic pressure in coordination with U.S. sanctions amid the United Nations Security Council’s ineffective response.

On the 2nd, the Ministry of Foreign Affairs announced that it had newly designated eight North Korean individuals and seven organizations as targets of independent sanctions for their contributions to North Korea’s nuclear and missile development and evasion of sanctions.

The eight individuals targeted are affiliated with North Korean financial institutions already designated under UN sanctions. They were involved in financial transactions related to North Korea’s nuclear and missile development or in transporting sanctioned goods such as oil through illegal ship-to-ship transfers. The individuals include Ri Myong-hun and Ri Jeong-won from the Trade Bank, Choi Seong-nam and Ko Il-hwan from Daesong Bank, Paek Jong-sam from Kumgang Group Bank, and Kim Cheol from Tongil Development Bank. Additionally, one person each with Singaporean and Taiwanese nationality is included.

The seven organizations are Chosun Un Gold Company, Namgang Trading, Chosun Un Shipping Company, Pocheon Shipping Company, New Eastern Shipping Co. Ltd, Anfasar Trading (S) Pte. Ltd, and Swanseas Port Services Pte. Ltd. These entities have supported North Korea’s illicit financial activities, dispatched workers, and contributed to evading UN Security Council sanctions through ship-to-ship transfers of sanctioned goods.

This is the government’s seventh independent sanction measure against North Korea and the second since the inauguration of the Yoon Seok-yeol administration. Previously, on October 14, the government added 15 North Korean individuals and 16 organizations to the sanctions list in the first such action in five years. Including this latest measure, 132 individuals and 112 organizations are now subject to South Korea’s independent sanctions.

Notably, the U.S. Department of the Treasury also added three North Korean Workers’ Party officials involved in weapons of mass destruction (WMD) and ballistic missile development to its sanctions list on the 1st (local time). This coordinated action appears aimed at increasing pressure on North Korea. The newly designated targets had already been independently sanctioned by the U.S. from January 2018 through last October. The Ministry of Foreign Affairs explained that overlapping sanctions among allied countries are expected to raise international awareness and enhance the effectiveness of these measures.

A Foreign Ministry official stated, "The government has closely cooperated with the U.S. and Japan to strengthen the impact of sanctions," adding, "We will continue to reinforce cooperation with relevant countries to ensure a united and strong international response, including additional sanctions, against North Korea’s serious provocations."