Days after new US sanctions revealed links between North Korea’s cryptocurrency theft activities and arms financing, South Korea is considering the possibility of reconsidering its sanctions framework against North Korea.
speak at interview and Yonhap News TV On Thursday, Second Vice Foreign Minister Kim Jin-ah cited the importance of U.S.-South Korea cooperation against the digital threat posed by North Korea, saying South Korea “can consider reviewing sanctions as a measure if it is truly necessary.”
“In the case of crypto theft by North Korea, cooperation between South Korea and the United States is important, as cryptocurrencies could be used to fund North Korea’s nuclear and missile programs and pose a threat to our country’s digital ecosystem,” Kim said, adding that any potential review would be done on a case-by-case basis.
Officials’ statements are as follows: new sanctions Earlier this week, the U.S. Treasury Department announced that it had targeted eight North Korean individuals and two organizations for laundering virtual currency stolen in a cyberattack.
The sanctions also include state-run IT front Mangyongdae Computer Technology Company and North Korea-linked financial agencies in China and Russia, which U.S. authorities say moved illicit digital funds to support North Korea’s weapons program.
Finance officials also named Woo Yong-soo, president of the National Democratic Trade Commission, as key figures, along with bankers Jang Guk-cheol and Heo Jeong-seon. Facilitator of crypto laundering Associated with ransomware and fraud schemes. Another sanctioned entity, Longzong Credit Bank, reportedly helped repatriate profits from China. North Korean IT workers It is being expanded overseas.
This escalation follows “North Korea’s nuclear test in 2016,” which “completely cut off large-scale exchanges between the two countries,” said Ryan Yoon, a senior analyst at Seoul-based Tiger Research. decryption.
“Since then, smaller sanctions have continued to be imposed,” Yun said, noting how these sanctions are consistent with global trends aimed at curbing North Korea’s actions.
Yun acknowledged that further sanctions were “likely” to be imposed, but noted that their impact may not be significant. “This kind of thing has been going on for decades,” he added.
In fact, the move “is not the first time South Korea has imposed its own sanctions against North Korea in response to U.S. actions,” said Angela Ahn, director of Asia-Pacific policy and strategic partnerships at the TRM Institute. decryption.
“Sanctions by key authorities like OFAC have already had the wide-reaching effect of cutting off access to the global financial system. Additional sanctions by South Korea would be seen as an escalation of these measures,” Ahn said.
Kim said the United States is still finalizing a joint fact sheet on the results of the recent summit between President Lee Jae-Myung and US President Donald Trump.
“The US side is currently working on adjusting and reviewing the text,” Kim said in a televised statement.
decryption The Ministry of Finance has been contacted for comment.
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