OFAC DESIGNATES RUSSIAN FINANCIAL INSTITUTION SUPPORTING NORTH KOREAN SANCTIONS EVASION

On 19 June, OFAC announced the designation of a Russian entity that has assisted North Korea in evading sanctions to access the international financial system.  It has targeted Russian-registered Russian Financial Society for having provided, or attempted to provide, financial, material, technological, or other support for, or goods or services in support of, US-designated Dandong Zhongsheng Industry & Trade Co Ltd, an entity that is owned and controlled by, directly or indirectly, US- and UN-designated Foreign Trade Bank (FTB), North Korea’s primary foreign exchange bank.

https://home.treasury.gov/news/press-releases/sm712

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190619.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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