"From financial services to mining and energy, today’s action targets individuals and entities operating in key industries that support North Korea’s illicit activities," Acting Under Secretary for Terrorism and Financial Intelligence Adam Szubin stated.
The sanctioned individuals included an official with the Ministry of Atomic Energy Industry, the president of the Second Academy of Natural Sciences, the vice chairman of the Second Economic Committee and the president of the Korean Kumsan Trading Corporation.
North Korea’s Air Koryo and other state-owned entities, including the Koryo Development Bank and Korea Oil Exploration Corporation, were also added to the Office of Foreign Assets Control (OFAC) sanctions list.
Additionally, OFAC sanctioned four companies for “exporting” North Korean workers to countries in Africa, Asia and the Middle East. Some of the revenue generated by those workers overseas is used for weapons development, the release explained.
Szubin said the sanctions aim to cut the flow of financial resources to the central government and disrupt Pyongyang’s nuclear program in response to nuclear tests, violations of UN Security Council resolutions and the development of weapons of mass destruction.
On Wednesday, the UN Security Council unanimously approved new sanctions on North Korea in response to the country’s latest nuclear test in September. The sanctions ban the export of statues and several metals and restrict coal exports by 60 percent.