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International News

Aug 16, 2018
1:34PM

US Treasury Dept announced sanctions on Chinese, Russian companies for violating economic embargo on North Korea

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The US Treasury Department has announced sanctions on Chinese and Russian companies for violating the economic embargo on North Korea. 

The Treasury Department said the companies in China and Singapore were exporting alcohol, tobacco, and cigarette products to North Korea in violation of UN Security Council sanctions. 

The Russian company reportedly provided port services at least six times to North Korean vessels transporting refined oil products. The companies and individual will have their assets in the US frozen, and be banned from doing business with US firms.

The latest measure seeks to cut the flow of funds to North Korea's nuclear and missile programs. Treasury Secretary Steven Mnuchin said in a statement that the Department will continue to implement existing sanctions on North Korea, and will take action to block and designate companies, ports, and vessels that facilitate illicit shipments and provide revenue streams to North Korea. 
 

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