U.S. slaps sanctions on rogue trader charged with smuggling North Korean oil

The Trump administration has slapped sanctions on a Russian-born South African broker for allegedly helping the North Korean regime acquire oil.

The Treasury Department’s Office of Foreign Assets Control (OFAC) announced the move Monday, alleging that VladlenAmtchentsev acted for a company called Velmur Management Pte. Ltd. and offered advice on sidestepping U.S. and international sanctions.

In August, Treasury officials sanctioned blacklisted Velmur, which is based in Singapore, for supporting the reclusive North Korean regime.

“North Korea depends upon the help of criminals and illicit actors to raise and transfer funds,” Treasury Secretary Steven Mnuchin said in a statement, saying the department would enforce sanctions as part of the campaign to end the North’s nuclear arms programs.

The sanctions freeze all of Mr. Amtchentsev’s assets under U.S. jurisdiction, in addition to barring Americans from doing business with him.