The US has designated 5 entities and 1 individual over alleged schemes to establish illicit payment mechanism between DPRK and Russia. The Treasury press release reports that Foreign Trade Bank and Korea Kwangson Banking Corporation (both previously designated) orchestrated the scheme.
TSMRBank, OOO had already been designated in 2017 over Russia’s invasion of Ukraine. The Russian Financial Corporation Bank (RFC) was designated in 2018 for helping finance the Syrian government. Both banks are now on OFAC’s DPRK list.
The following individual and entities (with no previous listings) were also designated for facilitating the payments.
- Dmitry Yuryevich Nikulkin, vice president of TSMRBank, coordinated with DPRK representatives to make the payments;
- MRB Bank (the Central Bank of Russia, based in Georgia);
- Stroytreyd LLC (a Moscow-based company); and
- Timer Bank AO a bank owed by RFC).