US Sanctions Russian Firm for Helping N. Korea Evade Sanctions

The Treasury Department on Wednesday targeted the Russian Financial Society and blocked all its assets in the United States. U.S. citizens are also barred from doing business with the firm.

“Treasury continues to enforce existing U.S. and U.N. sanctions against individuals and entities in Russia and elsewhere who facilitate illicit trade with North Korea,” Treasury Undersecretary Sigal Mandelker said.

Treasury officials accused the Russian Financial Society of opening bank accounts for a North Korean company owned by the North Korean Foreign Trade Bank, and also for a representative of a second company, the Korea Zinc Industrial Group.

The bank, its Moscow representative, Han Jang Su, and Korea Zinc are already under U.S. sanctions.

Treasury said the Russian Financial Society allowed North Korea to evade sanctions to gain access to the global financial system so the country could earn revenue for the North’s nuclear program.