New US sanctions target North Korean military finances

New US sanctions target North Korean military finances

On Wednesday ( Mar 27 ), the United States imposed sanctions on six individuals and two businesses with bases in Russia, China, and the United Arab Emirates, alleging that they had aided North Korea’s weapons programs.

South Korea, a US supporter, also imposed restrictions on four of the same six people and the two companies.

According to a declaration from the US Treasury Department and the foreign department of South Korea, the two nations worked together.

It named the six folks as Yu Pu Ung, Ri Tong Hyok, Han Chol Man, O In Chun, Jong Song Ho and Jon Yon Gun.

The companies to get hit with restrictions were Alis LLC, based in Vladivostok, Russia, and UAE- based Pioneer Bencont Star Real Estate.

Both businesses were referred to in the statement as being in superior to Chinyong Information Technology Cooperation Co, a group connected to North Korea’s military forces.

The sanctions, according to Seoul’s foreign ministry, target people who immediately participated in North Korea’s illegal financial activities, especially those that generated foreign currency in the information technology sector overseas.

The government claimed in a declaration that Yu Pu Ung, who laundered money and provided delicate materials used to produce North Korea’s nuclear and missile applications, was in charge of managing the funds.

Chinyong, which was subject to US punishment in May 2023, manages representatives of North Korean IT professionals working in Laos and Russia, according to the Treasury Department.

As a standstill at the UN Security Council casts concerns over the future of global sanctions on Pyongyang, the United States and South Korea today launched a new work force aimed at preventing North Korea from procuring illegal fuel.

Years of US-led international sanctions have failed to put an end to North Korea’s nuclear and missile programs, and some North Korean observers and experts believe the UN program is dead, if not already dead.