The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned nine individuals and seven entities for providing financial and military support to North Korea (DPRK).
The U.S. Department of State has also targeted three entities related to the DPRK’s ballistic missile program. These actions reflect North Korea's escalating provocations and aggressive military posturing, which heighten global tensions and threaten regional stability.
North Korea conducted an intercontinental ballistic missile (ICBM) test on 31 October, 2024, followed by the launch of seven short-range ballistic missiles on 5 November, 2024.
These tests are funded by revenues from foreign-based workers and state-owned entities, which support the DPRK’s development of weapons of mass destruction (WMD) and ballistic missile programs. The DPRK has also supplied Russia with critical military support for its war in Ukraine. This includes more than 11,000 troops and significant quantities of missiles and ammunition since October.
Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence Bradley T. Smith stated that the U.S. remains committed to disrupting these networks.
“The Kim regime’s continued provocative actions — including its most recent ICBM test and its deepening military support to Russia — undermine the stability of the region and sustain Putin’s continued aggression in Ukraine,” said Smith. “The United States remains committed to disrupting the illicit procurement and facilitation networks that enable these destabilising activities.”
The sanctioned entities include Golden Triangle Bank and Korea Mandal Credit Bank. Both have facilitated financial transactions that support the DPRK’s WMD programs. Individuals involved in these activities, such as Choe Chol Ryong and Kim Myong Jin, have been designated for their roles in facilitating illicit financial activities and bulk cash smuggling between China and the DPRK.
On the military front, key figures such as Ri Chang Ho, head of the DPRK Reconnaissance General Bureau, and Ju Chang Il, director of the DPRK Workers’ Party of Korea’s Propaganda and Agitation Department, have been sanctioned for their roles in supporting North Korea’s armed operations and WMD activities. These individuals have been instrumental in the deployment of DPRK troops to Russia and the provision of military resources to sustain Russia’s war efforts in Ukraine.
Additionally, Russian companies Vostok Trading LLC, DV Ink LLC, and Novosibirskoblgaz LLC have been sanctioned for shipping thousands of tons of oil and gas to North Korea. These companies have been designated under Executive Orders 13810 and 14024 for their roles in the transportation sector. They are engaging in significant importation and exportation activities in the DPRK. The parent company of Novosibirskoblgaz LLC, Sibregiongaz, AO, has also been sanctioned under similar provisions.
These measures are part of the broader North Korea Sanctions and Policy Enhancement Act of 2016. This act has been amended by the Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act of 2019. The sanctions aim to curtail North Korea’s ability to finance its WMD programs and provide military support to Russia. This is hoped to contribute to U.S. global efforts to maintain peace and security.