South Korea’s Ministry of Unification (MoU) said on Wednesday that the government will temporarily close down the Kaesong Industrial Complex (KIC), in response to North Korea’s recent nuclear test and satellite launch.

The closure will go into effect from today, according to the South Korean government.

“Until now, about 616 billion Korean won (about $516 million) have flowed into North Korea via the KIC, with 132 billion won alone last year. It is crucial for South Korea to actively get involved in sanctions while the international community discusses tougher sanctions (on North Korea) for violating UN resolutions and pushing forward with a nuclear