Egyptian telecommunications company Orascom announced on Sunday it will shutter its affiliate bank in North Korea due to U.S. Treasury Department sanctions, according to a note sent to the Egyptian Exchange and translated by local media.

Orabank set up shop in North Korea shortly after the setting up of Koryolink, North Korea’s wireless telecommunications provider, also run by Orascom, in 2008.

The Egyptian company’s owner Naguib Sawiris said the bank’s closure was the result of sanctions from the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC), announced on Friday.

“Sanctions prohibit a wide range of transactions and entities.