On December 16, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control designated 16 individuals and entities that provided the Democratic People’s Republic of Korea with financial and military support. On the same day, the U.S. Department of State designated two individuals and one entity for supporting the DPRK’s ballistic missile program.
The sanctions were imposed in response to an intercontinental ballistic missile test conducted by the DPRK on October 31, 2024, and then, in November 5, 2024, for allegedly firing at least seven short-range ballistic missile off the eastern coast of the peninsula, in furtherance of the DPRK’s weapons of mass destruction (“WMD”) and ballistic missile programs. The sanctions were also imposed in response to the military support that the DPRK has provided to Russia for its war with Ukraine. The designees include four Russia based companies involved in the shipment of petroleum to the DPRK.
The designations were imposed pursuant to Executive Order 13382, which targets those who engage in proliferation of WMD, and EO 13551, EO 13810, and EO 13687 that target those who support DPRK programs, generate revenue for the DPRK, or serve in an official capacity in the DPRK. As a result of these designations, all property and interests in property of these designees within the United States or within the possession or control of a U.S. person are blocked, and U.S. persons are generally prohibited from engaging in transactions involving the designated persons. Entities owned 50 percent or more by one or more blocked persons are also blocked.
U.S. Department of Treasury Press Release | U.S. Department of State Fact Sheet