GTB Building, Namsan-Dong Rason, Namsan, Korea, North; Rajin-Songbong Free Economic and Trade Zone, Korea, North

Golden Triangle Bank (GTB) is one of the largest financial institutions in the DPRK’s Rason Special Economic Zone. As a state-owned company of the DPRK government, the GTB is used by foreigners to exchange foreign currency into local currency for use within the DPRK. GTB is being designated pursuant to Executive Order (E.O.) 13810 for operating in the financial services industry in North Korea.

https://home.treasury.gov/news/press-releases/jy2751

2024-12-16

US

Executive Order 13810 of September 20, 2017 Imposing Additional Sanctions With Respect to North Korea

OFAC country specific / UN

Democratic People's Republic of Korea

Blocking Property, Suspending Entry, Trade sanctions

• https://ofac.treasury.gov/faqs/topic/1556 460. Can U.S. persons do business with entities in North Korea? No. Unless authorized pursuant to a general or specific license from OFAC and/or BIS, Executive Order (E.O.) 13722 prohibits new investment in North Korea by a U.S. person and the exportation or reexportation, from the United States, or by a U.S. person, of any goods, services, or technology to North Korea. E.O. 13810 (“Imposing Additional Sanctions with Respect to North Korea”) does not modify any of those prohibitions.

The United States imposed a near total economic embargo on the DPRK in 1950 after the DPRK attacked the South, sparking the Korean war. Over the following years, some U.S. sanctions were eased, but others were imposed. Executive Order 13810 was issued on September 21, 2017, in the wake of the DPRK’s September 2017 nuclear test and multiple intercontinental ballistic missile (ICBM) tests. Combined with previous executive orders, statutory sanctions provisions, and other restrictions on the DPRK, these constitute some of the most restrictive sanctions related to the DPRK to date.

SDN