(Bloomberg) -- The US Treasury Department on Monday sanctioned nine people and seven entities for providing financial and military support to North Korea, which it said are used for its ballistic missile program and backing Russia’s invasion of Ukraine.
The department’s Office of Foreign Assets Control said in a statement that the sanctions follow ballistic missile tests Oct. 31 and Nov. 5, which are funded through revenues provided by foreign-based workers and state-owned entities. As well, the State Department is sanctioning three targets related to the missile program, it said.
North Korean leader Kim Jong Un’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,” Bradley Smith, Treasury’s acting under secretary for terrorism and financial intelligence, said in a statement.
The sanctioned entities include Golden Triangle Bank, which OFAC said is one of the largest financial institution in North Korea’s Rason Special Economic Zone, and Korea Mandal Credit Bank. The US targets also include three Russian-based trading companies for shipping oil and gas to North Korea since 2022.
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