US targets North Korean export bank, defense officials

The Obama administration on Monday announced a round of new sanctions against senior North Korean defense officials in the wake of the country's third nuclear test and increasing martial rhetoric.

The State Department added Pak To-Chun and Chu Kyu-Chang, two heads of the country's Munitions Industry Department, which manages the country's weapons production and arms exports, to the list of sanctioned individuals. O Kuk-Ryol, a vice chairman of the North Korean National Defense Commission who formerly headed nuclear research and development, was also added to the list.

Concurrently, the Treasury Department designated the Foreign Trade Bank, North Korea’s primary foreign exchange bank, and Second Economic Committee Chairman Paek Se-Bong as having links to the country's weapons of mass destruction program. The sanctions prohibit transactions between the designees and U.S. citizens, residents and corporations and freezes any assets they may have under U.S. jurisdiction.

“North Korea will continue to face isolation if it refuses to take concrete steps to comply with its international obligations and address the concerns of the international community over its nuclear and ballistic missile programs,” the State Department said in a statement. 

“The United States continues to encourage North Korea to choose the path of peace and remains prepared to engage constructively with North Korea if it changes its course. However, North Korea must demonstrate its seriousness of purpose and commitment to authentic and credible negotiations by taking meaningful steps to show it will abide by its denuclearization commitments and respect international law.”

---