The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions against nine individuals and seven entities linked to North Korea's financial and military activities. The sanctions, which coincide with actions by the U.S. Department of State against three additional targets related to North Korea's ballistic missile program, are in response to the Democratic People's Republic of Korea's (DPRK) recent military provocations.

North Korea conducted an intercontinental ballistic missile test on October 31, 2024, marking its first such test since December 2023. This was followed by the launch of at least seven short-range ballistic missiles on November 5, 2024. These activities are reportedly funded by revenues from foreign workers and state-owned entities.

Additionally, North Korea has provided significant military support to Russia for its conflict in Ukraine. Since October, over 11,000 North Korean troops have been sent to Russia for training ahead of deployment in Ukraine. The DPRK has also supplied Russia with missiles and ammunition.

"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 Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence Bradley T. Smith. "The United States remains committed to disrupting the illicit procurement and facilitation networks that enable these destabilizing activities."

Among those sanctioned is Golden Triangle Bank (GTB), a major financial institution within North Korea's Rason Special Economic Zone. Also targeted is Korea Mandal Credit Bank (KMCB), known for facilitating procurement for entities supporting DPRK's weapons programs.

Individuals facing sanctions include Choe Chol Ryong from the Korea Kwangson Banking Corporation in China, Kim Myong Jin from Korea Daesong Bank in Beijing, Ri Chang Ho from DPRK Reconnaissance General Bureau, Ju Chang Il from Workers’ Party of Korea’s Propaganda Department, among others.

Russian companies Vostok Trading LLC, DV Ink LLC, Novosibirskoblgaz LLC along with their parent company Sibregiongaz AO were also sanctioned for shipping oil and gas to DPRK.

These measures are aligned with U.S. legislative acts like the North Korea Sanctions and Policy Enhancement Act of 2016 as amended by subsequent laws.

As a result of these actions, all property owned or controlled by these designated individuals or entities within U.S jurisdiction is blocked. Transactions involving them are prohibited unless authorized by OFAC.

OFAC advises financial institutions engaging with these sanctioned parties may face penalties or enforcement actions. Non-U.S persons are also warned against causing violations of U.S sanctions indirectly.

For further details on sanction removal processes or guidance related to these designations can be found through OFAC resources.