US Imposes Sanctions on Nine North Korean Banks, 26 Individuals

The US Treasury's Office of Foreign Assets Control imposed sanctions on nine North Korean banks and 26 individuals over alleged links to the DPRK regime, according to US Treasury's website.

The sanctions were slapped on the individuals representing North Korean banks in Russia, China, Libya and the United Arab Emirates.

"OFAC designated eight North Korean banks and 26 individuals linked to North Korean financial networks in response to North Korea’s ongoing development of weapons of mass destruction (WMD) and continued violations of United Nations Security Council Resolutions (UNSCRs)," the release stated.

The sanctioned banks include Agricultural Development Bank, Cheil Credit Bank, Hana Banking Corporation Ltd, International Industrial Development Bank, Jinmyong Joint Bank, Jinsong Joint Bank, Koryo Commercial Bank Ltd and Ryugyong Commercial Bank.

Three of the sanctioned individuals currently live in Russia.

The situation on the Korean peninsula has escalated in recent months after Pyongyang carried out several ballistic missile and nuclear tests, in violation of UN Security Council resolutions. The Council has imposed sanctions on North Korea, which, however, have failed to prevent Pyongyang from conducting new tests. Amid the escalation of tensions, Pyongyang and Washington have been exchanging inflammatory remarks and threats.