On 5 August 2017, the United Nations Security Council adopted Resolution 2371/2017 concerning the Democratic People’s Republic of Korea (the “DPRK“). In summary, the measures:
- prohibit the export of coal, iron ore, lead, lead ore and seafood from the DPRK;
- restrict any increase of the number of work authorisations for DPRK citizens in Member States without approval from the United Nations Security Council Committee;
- prevent the opening of new joint ventures or expansion of existing joint ventures with DPRK entities and individuals;
- approves the addition of 13 entries to its list of individuals and entities subject to an asset freeze and travel ban; and
- requests that the International Criminal Police Organisation (“INTERPOL“) issue special notices in respect of designated individuals.
The measures are in response to the DPRK’s recent ballistic missile launches. As set out in the UK’s Office of Financial Sanctions Implementation’s notice dated 8 August 2017 (see here), the new listings of DPRK individuals and entities have been added to the UK’s consolidated list of financial sanctions targets. Unless the EU implements corresponding sanctions under EU Regulation 329/2007 by 5 September 2017, the asset freeze will cease to apply from 11:59 p.m. on this date until the date of such EU listing.
For further information, please see the UN’s press release. For information on recent US measures targeting the DPRK, see our recent blog post on the US “Countering America’s Adversaries Through Sanctions Act” (“CAATSA“).