On 16 October 2017, the EU adopted new measures against the DPRK (North Korea) under Council Regulation (EU) 2017/1858 in response to its continued development of ballistic missiles and nuclear weapons in contravention of UN Security Council resolutions. The regulation implements the following measures:
- a total ban on EU investment in the DPRK in all sectors;
- a total ban on the sale of refined petroleum products and crude oil to the DPRK; and
- lowering the amount of personal remittances that can be transferred to the DPRK from EUR 15,000 to EUR 5,000.
In addition, EU Member States have also agreed not to renew work authorisations for DPRK nationals present in their respective jurisdictions, subject to refugees and those persons benefiting from international protection.
The European Council has also adopted Council Implementing Regulation (EU) 2017/1859 which adds three people and six entities to the list of persons subject to an asset freeze and travel restrictions.
The European Council’s press release is available here.