• The Office of Foreign Assets Control (OFAC) has designated Air Koryo Trading Corporation (AKTC) for supporting DPRK weapons of mass destruction (WMD) and ballistic missile programmes
• The Far Eastern Bank and Bank Sputnik have also been sanctioned
• DPRK has launched three missiles following US president Asia visit

The DPRK launched three missiles on May 24, 2022, including an intercontinental ballistic missile (ICBM) and two shorter-range ballistic missiles. So far this year, the DPRK has fired 23 ballistic missiles, including six intercontinental ballistic missiles, all in defiance of several UN Security Council resolutions (UNSCRs).

One person, two banks, and a trading organization have been sanctioned by the US Treasury Department for their assistance of the Democratic People’s Republic of Korea’s (DPRK) development of banned weapons program related to mass destruction and ballistic missile category.

The US State Department designated the Munitions Industry Department (MID) and the Second Academy of Natural Sciences (SANS) for their involvement in the DPRK’s WMD and missile programmes on August 30, 2010.

According to E.O. 13382, OFAC recognised the Ministry of Rocket Industry (MoRI) as being owned or controlled by MID on April 1, 2022. The Office of Foreign Assets Control (OFAC) has designated Jong Yong Nam for operating on behalf of SANS, either directly or indirectly.

Air Koryo Trading Corporation (AKTC) is in charge of providing MoRI with financial, material, and technological assistance. MoRI shipments to North Korea have also been coordinated using AKTC. Additionally, Russian entities have been prohibited. OFAC has also designated two Russian financial institutions to conduct transactions on behalf of DPRK businesses.The Far Eastern Bank and Bank Sputnik have also been sanctioned for assisting the DPRK Foreign Trade Bank with financial, material, and technological assistance (FTB).

On Thursday, China and Russia blocked a US-led effort to impose fresh UN sanctions on North Korea in response to its continued ballistic missile launches. Pyongyang had put testing on hold for a few years, but has resumed long-range ballistic missile launches in recent months.

Staff Galactik View