The U.S. Department of the Treasury has conceded that sanctions architecture is in need of upgrading, according to a review ordered by the Biden administration, but observers anticipate few subsequent changes to U.S. sanctions on North Korea.

The “Treasury 2021 Sanctions Review,” which the Biden administration requested nine months ago, states that new challenges are threatening the effectiveness of U.S. sanctions. The report cites shrinking reliance on the dollar system, the growth of transnational cybercrime and the increasing power of strategic competitors as key challenges facing the U.S. sanctions regime — all common issues facing