On 2 July, pursuant to Commission Implementing Regulation (EU) 2015/1062, amending Council Regulation (EC) 329/2007, the EU added Korea National Insurance Company GmbH (“KNIC”) to its North Korea sanctions list on grounds that KNIC, by generating substantial foreign exchange revenue, could be contributing resources to North Korea’s nuclear, ballistic missile, or other weapons of mass destruction-related programmes. Furthermore, KNIC’s headquarters in Pyongyang are linked to the Korean Worker’s Party, a designated entity.

The EU also listed six KNIC senior employees: (1) So Tong Myong (Managing Director), (2) Pak Chun-San (Head of Department), (3) Sin Kyu-Nam (Head of Department), (4) Kim Il-Su, (5) Kang Song-Nam and (6) Choe Chun-Sik.

Individuals and entities included on the sanctions list are subject to an EU-wide asset freeze and travel ban.