pi_circular Compliance & regulationGeopolitical risk Skuld
Introduction Sanctions against North Korea (Democratic People's Republic of Korea) were expanded in May 2016 in response to nuclear testing and ballistic missile launches. The continued development of the nuclear and missile programmes during 2017 have led to further extension of sanctions by the UN, EU and US. Reference is made to the International Group Circular published on 14 January 2019 which contains important information about the enforcement of sanctions. The restrictions imposed by the sanctions now include: Prohibition on any activities with the Government of North Korea or Workers Party Arms embargo Ban on the purchase and transportation of petroleum products from North Korea Ban on import or export from/to North Korea of certain goods, services and technology Ban on the purchase or transportation from North Korea of gold, titanium ore, vanadium ore, rare earth minerals, coal, iron and iron ore Ban on vessels entering EU ports which are owned, operated or crewed by North Korea Ban on all leasing and chartering of vessels and the provision of crew services to North Korean flagged vessels Ban on owning and operating of or providing classification, insurance services to North Korean-flagged vessels Inspection for vessels proceeding to or from North Korea to be searched Ban on having financial or banking correspondent relationships and JVs with North Korea Ban on investing on North Korean energy, transportation, financial services, information technology, manufacturing, mining, refining and chemical industries Ban on luxury goods which cannot be supplied to North Korea Expansion of persons and entities on SDNs lists, including banks and shipping companies and high ranking military officers For designations check: US SDN list List of UN and EU targets published by UK Treasury AIS and sanctions The use of Automated Identification Systems (AIS) has become a focus of attention in the context of sanctions and is now seen by governmental and
INSIGHT: North Korea Sanctions
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