News
Print PDF

Export Ban, Expanded Cargo Inspection Among Tighter Sanctions Against North Korea

Monday, March 07, 2016
Sandler, Travis & Rosenberg Trade Report

The United Nations Security Council unanimously adopted March 2 a resolution that imposes new sanctions and tightens some existing measures against North Korea following its Jan. 6 nuclear test and a Feb. 7 launch seen as a test of ballistic missile technology.

- All exports are banned, including coal, iron and iron ore (with some exceptions), gold, titanium ore, vanadium ore and rare earth metals.

- The supply of all types of aviation fuel, including rocket fuel, is banned.

- UN member states must inspect all cargo to and from North Korea, not just shipments suspected of containing prohibited items as was previously the case.

- Registering vessels, leasing or chartering vessels or airplanes and providing crew services to North Korea is banned and member states are urged to de-register any North Korea-owned or -controlled vessels

- Member states must ban any flights and deny entry into their ports of any vessel suspected of carrying prohibited items.

- An asset freeze is imposed on all funds and other economic resources owned or controlled by North Korea or the Worker's Party of Korea if found to be associated with the country’s nuclear or ballistic missile program or any other prohibited activities.

- An additional 13 individuals are designated as subject to the travel ban and asset freeze and 12 new entities are designated as subject to the asset freeze.

- The opening and operation of any offices of North Korea banks abroad is prohibited, as is the opening of new offices of foreign financial institutions in North Korea under all circumstances unless approved by the Sanctions Committee in advance.

- The arms embargo that has been in effect since 2006 is broadened to include small arms and light weapons.

- The transfer of any item, except food and medicine, to North Korea is banned if a member state has reason to believe that it can contribute to the development and capabilities of North Korea’s armed forces.

To get news like this in your inbox daily, subscribe to the Sandler, Travis & Rosenberg Trade Report.

Customs & International Headlines