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U.S. Imposes Additional Economic Sanctions Against North Korean Government Entities

Wednesday, January 07, 2015
Sandler, Travis & Rosenberg Trade Report

President Obama issued Jan. 2 an executive order authorizing the imposition of additional economic sanctions against North Korean government agencies, instrumentalities and controlled entities in response to “numerous provocations, particularly the recent cyber-attack targeting Sony Pictures Entertainment and the threats against movie theaters and moviegoers.” According to a Treasury Department fact sheet, this order “escalates financial pressure” on the North Korean government by “authorizing targeted sanctions that would deny designated persons access to the U.S. financial system and prohibit U.S. persons from engaging in transactions or dealings with it.” Under this authority Treasury has designated three entities and 10 individuals for being agencies or officials of the North Korean government.

This order leaves in place all existing sanctions imposed under previous executive orders, including a 2011 order prohibiting the direct or indirect importation of goods, services and technology from North Korea.

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