South Korea has imposed sanctions on 11 individuals and 15 legal entities over their military cooperation with Russia and North Korea, as well as for links to Pyongyang's nuclear and missile programs. The announcement was made by Seoul's Foreign Ministry, quoted by Reuters and BTA.
Reason for sanctions - joint statement of Western countries
The sanctions were imposed in connection with a joint statement of the Ministry of Foreign Affairs of Western countries, published on December 16. It was dedicated to the military cooperation between Russia and North Korea, which calls into question the stability in the region.
Sanctioned individuals and organizations
Among the sanctioned individuals are Korean People's Army generals Kim In-bok and Shin Gim-chol, as well as rocket engineer Ri Song-jin and army officer Li Bong-chun.
The sanctions also apply to a number of organizations, including companies such as „Versus“, „Parsec“, and „Timer bank“.
Reason for sanctions: Assistance to Pyongyang's nuclear and missile program
South Korean authorities confirmed that these individuals and organizations were actively involved in financing and supplying materials for North Korea's nuclear and missile program.
Entry into force of sanctions
The sanctions will take effect on December 19. This means that any financial or currency transactions with the sanctioned individuals and companies will require permission from South Korean authorities.