North Korea’s dependence on foreign currency and the networks it has established facilitate its access to the international financial system leave the regimes’ assets exposed to the impacts of sanctions, a new report by C4ADS said on Tuesday.

The report, published in conjunction with the Sejong Institute, concludes that North Korea’s adaptations to circumvent existing sanctions and the resulting reliance on foreign facilitators has left its illicit networks vulnerable to disruption.

“Today, the regime is dependent on the flow of hard currency to function. Maintaining this access and evading international sanctions have required the regime’s foreign exchange banks to offshore