The US imposes sanctions on the financial network of Russia and the DPRK
Kyiv • UNN
The United States imposed sanctions on individuals and companies involved in illegal financial transactions between Russia and the DPRK. The sanctions target a network associated with two sanctioned state-owned banks in North Korea.
On Thursday, September 19, the United States imposed sanctions on several individuals and legal entities involved in illegal financial transactions between Russia and North Korea. This is stated in a statement by the US Treasury Department, UNN reports.
Details
The agency explained that the illegal financial network between Moscow and Pyongyang, which is targeted by the new US sanctions, is connected to two sanctioned DPRK state-owned banks - the Foreign Trade Bank and the Kwangsong Korean Banking Corporation.
It is through these institutions that the DPRK receives foreign currency to finance state programs to create weapons of mass destruction and ballistic missiles.
As the United States found out, the Russian Central Bank used MRB Bank, located in Russian-occupied South Ossetia, to conduct transactions with these banks.
It played the role of a front company for the Russian CSMRBank - its vice president Dmitry Nikulin opened accounts for North Korean banks there and "coordinated with representatives of the DPRK to transfer millions of dollars and rubles in banknotes.
MRB Bank used some of the North Korean accounts to pay for fuel exports from Russia to the DPRK.
The Russian Financial Corporation was also involved in the financial schemes: together with the DPRK Foreign Trade Bank, they set up a shell company in Moscow through which Pyongyang received funds.
In addition, the Russian Timer Bank was also involved in this scheme, transferring millions of dollars to the Moscow-based Stroytreyd LLC for the Foreign Trade Bank.
All property of the above-mentioned individuals and legal entities owned or controlled by US citizens was blocked. All organizations that were in one way or another 50% or more owned by one or more of the sanctioned persons were also blocked.
Today's actions underscore our grave concern about the efforts of Russia and the DPRK to deepen financial cooperation in violation of UN Security Council resolutions
Recall
As UNN wrote , in the summer, during the visit of Russian President Vladimir Putin to Pyongyang, North Korea and Russia signed a strategic partnership agreementthat deepens military cooperation and mutual defense commitments.
