The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned five entities for supporting North Korea's development of weapons of mass destruction and ballistic missile programs, violating United Nations Security Council resolutions.
The last tests of this kind were carried out in the presence of dictator Kim Jong-un, who celebrated the events and published a video showing him as a Hollywood star to celebrate the activities carried out on February 26 and March 4, 2022.
The US government concluded that this is a new intercontinental ballistic missile system (ICBM) being developed by Pyongyang, whose public record dates back to a Workers' Party parade held on October 10, 2020. It is estimated that the tests sought to evaluate this system before making a similar attempt, but long distance and perhaps disguised as a space launch.
“North Korea's provocative ballistic missile tests pose a clear threat to regional and global security and constitute a flagrant violation of UN Security Council resolutions,” said Treasury Secretary Janet L. Yellen. “The United States is committed to using sanctions to respond to the continued development of weapons of mass destruction and North Korean ballistic missiles,” he added.
The sanctioned entities are five: the North Korean Ministry of Rocket Industry, which is responsible for the development plan for this type of technology, and four commercial companies under this ministry: Hapjanggang Trading Corporation, Korea Rounsan Trading Corporation, Sungnisan Trading Corporation and Unchon Trading Corporation.
According to information gathered and disseminated by the U.S. Government Treasury Department, these companies are engaged in “establishing joint ventures in North Korea; developing large-scale projects with Chinese companies; exporting North Korean labor, including technology workers; establishing a restaurant in a foreign location; coordinate with North Korean embassy staff international trade efforts; and import large equipment manufactured by a European company to North Korea.
Sanctions carry consequences whereby all property and interests of individuals and entities that are in the United States or in the possession or control of American persons must be blocked and reported to OFAC. Agency regulations generally prohibit all transactions made by persons in the U.S. or within the country (including transactions in transit) that involve any property or interest in the property of blocked or designated persons.
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