North Korea said Thursday it will nullify all cross-border agreements on economic cooperation and liquidate South Korean assets in the country in response to Seoul's latest sanctions, according to Yonhap News Agency.

"From this moment, we will view all agreements which the two Koreas have made on economic cooperation and exchanges as invalid," said the committee for handling inter-Korean affairs.

The North also said that it will sell off all assets by South Korean companies in North Korea, pointing to the South's decision to suspend an inter-Korean tour project at Mount Kumgang and a joint industrial park in the North.

The North's abrupt announcement came as South Korea on Tuesday unveiled a set of its own punitive sanctions against the North.

Source :MENA