9/16/2018

US SANCTIONS : RUSSIAN - CHINESE TECH FIRMS

THE United States on Thursday imposed sanctions on a China-based tech firm, its North Korean CEO and a Russian subsidiary, accusing them of moving illicit funding to North Korea in violation of US sanctions.

U.S. Treasury Secretary Steven Mnuchin
The new sanctions target China based Yanhian Silverstar Network Technology Co, its North Korean chief executive Jong Song Hwa, and a  Russian based sister company , Volasays Silver Star, the US Treasury Department said in a statement.

''These actions are intended to stop the flow of  illicit revenue  to North Korea from overseas information technology workers disguising their true identities and hiding behind front companies, aliases, and third-party nationals,'' Treasury Secretary Steven Mnuchin said in a statement.

Mnuchin warned companies across the globe ''to take precautions to ensure that they are not unwittingly employing  North Korean  workers for technology projects.''

South Korea's  foreign ministry said the move was in line with the United States resolve to keep up sanctions to achieve complete denuclearization of the Korean peninsula while carrying out dialogue.

A manager of Yanbian Silverstar, who would only give his family name Jin, said the allegations were  ''impossible''.

''I've never heard of  Jong Song Hwa,'' he told Reuters.

Asked about the sanctions, China's Foreign Ministry spokesman Geng Shuang said that China fully enforces United Nations resolution on North Korea and resolutely opposes any country enacting  unilateral sanctions on Chinese entities using ''long-arm jurisdiction''.[Agencies]

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