"The following deletions have been made to OFAC's SDN [Specially Designated Nationals] List… Independent Petroleum Company [Nezavisimaya Neftegazovaya] and Primornefteproduct," the release said.
Sanctions against the two companies were introduced back in 2017 for allegedly acting as a supplier to a North Korean trading company.
At that time, tensions on the Korean Peninsula escalated following a series of missile tests by Pyongyang.
However, since 2018, the US and North Korea have held two summits, agreeing in principle to normalise relations while pursuing a policy of denuclearisation.
After the second US-North Korea summit in Vietnam in February 2019, Pyongyang committed itself to end nuclear tests and launches of intercontinental ballistic missiles. This non-binding pledge did not, however, extend to engine tests, or the launches of satellites or medium- and short-range ballistic missiles.
Negotiations came to a halt, with Washington demanding more decisive steps from Pyongyang. North Korea has blamed the United States for not properly following through on its previous gestures of goodwill.