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SEOUL, March 28 (UPI) -- The United States imposed new sanctions on six North Korean individuals and two entities that generate revenue and facilitate financial transactions for the authoritarian regime's illicit weapons program, the Treasury Department announced. The action targets agents of North Korean banks as well as companies that employ North Korean IT workers abroad, the department said in a statement Wednesday.
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"These actors, operating primarily through networks located in Russia and China, orchestrate schemes, set up front or shell companies and manage surreptitious bank accounts to move and disguise illicit funds, evade sanctions and finance the DPRK's unlawful WMD and ballistic missile programs," the statement said.
The Democratic People's Republic of Korea is the official name of North Korea.
Among the sanctioned individuals are Yu Pu Ung and Ri Tong Hyok, both China-based representatives of Tanchon Bank. The bank is the financial arm of the Korea Mining Development Corporation, which is the North's "premiere arms dealer and main exporter of goods and equipment related to ballistic missiles and conventional weapons," according to the department.
Russia-based O In Chun, a representative of Korea Daesong Bank, was also sanctioned. The bank is operated by the North's Office 39, which engages in illicit economic activities, manages slush funds and generates revenue for the regime, the department said.
The other sanctioned individuals are China-based Han Chol Man of Kumgang Bank, Russia-based Jong Song Ho of Jinmyong Joint Bank and Jon Yon Gun, who is connected to a newly designated United Arab Emirates real estate company.
The two entities designated Wednesday are Vladivostok-based Limited Liability Company Alis and the UAE's Pioneer Bencont Star Real Estate. Both firms are subordinate to IT firm Chinyong, which manages delegations of North Korean IT workers illegally operating in Russia and Laos.
South Korea also sanctioned four of the individuals and the two entities, its Foreign Ministry announced Thursday.
"Today's joint action reflects our commitment to disrupt the DPRK's efforts to generate revenue for its illicit and destabilizing activities," Brian Nelson, under secretary of the Treasury for Terrorism and Financial Intelligence, said. "The United States, along with our South Korean partners, will continue to take action to safeguard the international financial system and prevent the DPRK from funding its illegal weapons programs."
The new sanctions come amid growing evidence that North Korea has been able to evade a U.N. Security Council resolution that restricts its oil imports, thanks in large part to its growing relationship with Russia.
Seoul and Washington launched a new task force on Tuesday meant to counter the North's oil smuggling operations, which have increased as part of a weapons deal between Pyongyang and Moscow.
The designations also coincided with a meeting of the U.S.-South Korea Working Group on DPRK Cyber Threats this week, U.S. State Department spokesman Matthew Miller said Wednesday.
The group aims to "disrupt the North's ability to generate revenue for its unlawful WMD and ballistic missile programs through cyber-enabled activities," Miller said.
Pyongyang funds 40% of its WMD program through "illicit cybermeans," the U.N. Security Council's Panel of Experts estimated in its annual report released this month. The Panel said that 58 suspected cyberattacks on cryptocurrency-related companies generated some $3 billion for the regime between 2017 and 2023.
