Treasury Dept Sanctions 13 Foreign Firms, 20 Vessels With Commercial Ties to North Korea

blankThe Treasury Department has imposed new sanctions on one individual and 13 foreign companies and agencies that have trade connections to North Korea as part of efforts to counter the East Asian country’s nuclear and ballistic missile development programs.

“As North Korea continues to threaten international peace and security, we are steadfast in our determination to maximize economic pressure to isolate it from outside sources of trade and revenue while exposing its evasive tactics,” Treasury Secretary Steven Mnuchin said in a statement published Tuesday.

The department’s office of foreign assets control designated four China-based trading companies and a Chinese individual for exporting computers, coal, iron and other goods to North Korea.

OFAC also designated two North Korean maritime agencies, six North Korea-based shipping and trading firms and 20 of their vessels for their involvement in ship-to-ship transfers and other fraudulent shipping practices.

Another Korean company was also named for its involvement in the exportation of workers from North Korea.

The Treasury made the designations in accordance with the Executive Order 13810.

The sanctions came three months after the department sanctioned 10 foreign companies and six individuals for their support to North Korea’s nuclear programs and energy trade and a day after President Donald Trump reinstated the country’s state sponsor of terrorism designation.

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