Financial reports or news articles analyzing the impact of sanctions

U.S. Sanctions Lu Huaying, Zhang Jian, and Green Alpine Trading Over North Korea's Crypto Laundering Network

Dec 18, 2024, 05:02 PM

The United States has imposed new sanctions targeting North Korea and Russia, focusing on North Korea's financial and military support to Moscow as well as its ballistic missile program. The U.S. Treasury Department announced sanctions against two individuals, Lu Huaying and Zhang Jian, both Chinese nationals, and one entity, Green Alpine Trading, based in the UAE. These sanctions aim to disrupt a North Korean money laundering network that has been converting cryptocurrency into cash to support the Democratic People's Republic of Korea (DPRK). The Treasury's Office of Foreign Assets Control stated that these actions are part of a broader effort to combat illicit financial activities linked to North Korea, which are believed to fund its weapons programs. This announcement follows a previous round of sanctions targeting 19 individuals and entities associated with North Korea's missile program and military operations in Russia.