In this file photo taken on May 14, 2019, a man looks at shipping containers at a terminal in Hong Kong — the US Treasury has slapped penalties on Taiwan and Hong Kong-based shipping firms said to help North Korea circumvent UN sanctions (Philip FONG)

Washington (AFP) – The US Treasury on Friday announced penalties against Taiwanese and Hong Kong shipping firms it says are helping North Korea circumvent United Nations sanctions on Pyongyang’s oil exports and imports.

The companies are helping North Korea with “illicit ship-to-ship (STS) transfers to circumvent United Nations (UN) sanctions that restrict the import of petroleum products,” Treasury said.

The firms “engaged in at least one significant importation from or exportation to North Korea of any goods, services, or technology.”

The Treasury’s Office of Foreign Assets Control blocked the assets of Taiwan-based Jui Pang Shipping Co Ltd (Jui Pang) and Jui Zong Ship Management Co Ltd (Jui Zong), as well as the Hong Kong-based Jui Cheng Shipping Company Limited (Jui Cheng).

“Shipping companies trading with North Korea are exposing themselves to significant sanctions risk, despite the deceptive practices they try to employ,” Treasury Under Secretary Sigal Mandelker said in a statement.

The agency also targeted two Taiwan-based individuals Huang Wang Ken and Chen Mei Hsiang, as well as a vessel in which the two have an interest.

The Treasury said the attempts to secure refined petroleum through the ship-to-ship transfers evade UN sanctions aimed at preventing North Korea from obtaining resources that would support its weapons of mass destruction and missile programs.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.