OFAC designates Russian financial institution for providing financial services to North Korean designated entity

The Office of Foreign Assets Control of the US Department of the Treasury has designated a Russian entity, the Russian Financial Society, pursuant to Executive Order 13382 for providing support, goods or services to Dandong Zhongsheng Industry & Trade Co. Ltd, which is owned or controlled by the North Korean Foreign Trade Bank, a US and UN-designated entity.  According to OFAC, Russian Financial Society has opened multiple bank accounts for Dandong Zhongsheng, enabling North Korea to circumvent US and UN sanctions.

As a result of the designation, all US property of Russian Financial Society is blocked, and US persons are prohibited from engaging in transactions that involve property belonging to a designated entity.

Dept. of the Treasury press release

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