US removes sanctions on 84 targets, including NK firm, in 'modernization' effort
The U.S. Department of the Treasury Building in Washington, D.C., July 11. Reuters-Yonhap
WASHINGTON — The U.S. Treasury Department on Monday removed 84 targets from its sanctions list, including a North Korean firm designated for supporting Pyongyang's nuclear and missile programs, as part of a "modernization" initiative to eliminate outdated targets.
The department's Office of Foreign Assets Control (OFAC) announced the removal of the targets, which it said are no longer considered national security or foreign policy priorities, given that they are deceased individuals, defunct entities and targets sanctioned decades ago.
The removal list included the Korea Tangun Trading Corp. (KTTC), a North Korean entity that was sanctioned by both the U.S. government and the U.N. Security Council in 2009 for its involvement in backing the North's weapons of mass destruction programs.
In its sanctions list update, OFAC clarified that the KTTC is also known as a series of companies, including Korea Kuwolsan Trading Corp., the Second Academy of Natural Sciences Foreign Affairs Bureau and Korea Ryenhap 2 Trading Corp.
In May, Treasury Secretary Scott Bessent announced the sanctions modernization effort, saying it is aimed at ensuring that U.S. sanctions remain "targeted, effective and aligned with U.S. economic, foreign policy and national security priorities."