15-08-2017

Web Alert: UN expands sanctions against North Korea

TS

On 5 August 2017, the United Nations Security Council unanimously voted to impose new sanctions against North Korea, following the recent ballistic missile tests carried out by the state.

Resolution 2371 (2017) further expands the sanctions against North Korea, targeting key aspects of their economy. It:

  • prohibits North Korea from exporting coal, iron, iron ore, lead, lead ore and seafood. Foreign parties may still perform existing contracts for up to 30 days but they must notify the UN committee monitoring the implementation of sanctions against North Korea
  • designates vessels engaging in prohibited activities and prohibits those vessels from calling at ports of other UN member states. Chartering of North Korean vessels or providing crew services to North Korea is already prohibited
  • restricts new joint ventures with North Korean entities or individuals and any new investment in current joint ventures. The existing financial sanctions against funding North Korea’s nuclear or ballistic missile programmes remain
  • extends the list of entities and individuals subject to travel bans and asset freezes
  • prohibits countries from increasing the numbers of North Korean labourers currently working abroad.

All UN member states are required to confirm implementation to the Security Council within 90 days.

The existing UN sanctions against North Korea will remain in place, together with the existing EU and US sanction regimes against North Korea.

Source: The Standard

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