South Korean gov imposes independent sanctions against North Korea on two individuals and two organizations, including Korean Russians

On June 28th, the South Korean government designated Choi Chon Gon, a South Korean-Russian who has worked for the North Korean regime in violation of UN Security Council sanctions, as a subject of independent sanctions against North Korea.

In a press release that day, the Ministry of Foreign Affairs (MOFA) said, "Two companies owned by Cha Cheong-gon and used to violate sanctions against North Korea and one North Korean helper were also sanctioned. It has been designated as a target." As a result, the South Korean government has designated 45 individuals and 47 institutions as targets of independent sanctions against North Korea nine times since October last year. This time, the government has additionally designated two individuals, including Choi Chong-gon and Seo Myung, the Russian and Vladivostok representative of North Korea's Chosun Trade Bank, and a dummy company set up in Mongolia by Choi Chong-gon, Russia. It is a trading company established in two institutions.

Choi was originally a South Korean citizen, but after acquiring Russian citizenship, he has been involved in illegal financial activities, joint venture investments in North Korea, and other violations of UN Security Council sanctions against North Korea. In particular, it has established dummy companies to evade sanctions against North Korea and has supported North Korea's illegal financial activities. In addition, it has established a trading company as a joint investment with Seo Myung, Russia's Vladivostok representative of North Korea's Chosun Trade Bank, which is subject to UN Security Council sanctions.

The designation of sanctions against Choi Chong-gon is the first case in which the South Korean government has independently designated a Korean-American individual as a target of sanctions through close cooperation among diplomatic, intelligence, and investigative authorities. As Choi Chong-gon continues to engage in illegal activities, blocking his access to the domestic financial network is expected to have a substantial effect in restricting activities that violate sanctions against North Korea.

The sanctions are based on the "Foreign Exchange Transactions Act" and the "Act on Prohibition of Financing Activities for Intimidation of the Public and Proliferation of Weapons of Mass Destruction", and Choi Chung-gon and others designated as financial sanctions targets. and foreign exchange or financial transactions require prior approval from the governor of the Bank of Korea (central bank) or the Financial Services Commission, respectively. If you trade without permission, you may be punished under relevant laws.