The U.S. government has imposed new sanctions on Russia for its involvement in illegal financial schemes with North Korea, aimed at enhancing cooperation and providing Pyongyang access to the international banking system, bypassing existing sanctions.
This was announced by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), according to Ukrinform.
The sanctions target five organizations and one individual based in Russia and the Russian-occupied Georgian region of South Ossetia.
These entities were involved in creating illegal payment mechanisms between Russia and North Korea.
Russia is becoming reliant on North Korea
As Russia faces increasing losses in Ukraine and deepening international isolation, it has become more reliant on North Korea for weapons purchases and economic cooperation.
In response, Russian authorities are using unlawful financial strategies to help North Korea access the global banking system, despite sanctions imposed by the United Nations Security Council.
The sanctions specifically affect MRB-Bank in occupied South Ossetia, TMSR-Bank and its manager, the Russian Financial Corporation Bank, Stroitrade LLC, and Timer Bank.
These entities were involved in supporting North Korea's government through financial, material, and technological assistance, despite prior restrictions.
The US is concerned
Russian institutions also interacted with North Korean state organizations like the Foreign Trade Bank and Korea Kwangson Banking Corporation, both already under sanctions.
The U.S. expressed concern over the increasing cooperation between Russia and North Korea, emphasizing the need for continued efforts to support Ukraine.
