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More Shipping Companies Hit with North Korea-Related Sanctions

Wednesday, August 22, 2018
Sandler, Travis & Rosenberg Trade Report

The Department of the Treasury's Office of Foreign Assets Control has imposed sanctions against two Russian shipping companies and six Russia-flagged vessels for their involvement in the ship-to-ship transfer of refined petroleum products with North Korea-flagged vessels. Any property or interests in property of the designated parties in the possession or control of U.S. persons or within the U.S. may not be transferred, paid, exported, withdrawn, or otherwise dealt in, and U.S. persons are prohibited from dealing with any of the designated parties.

These actions are being taken under executive order 13810, which was issued in September 2017 and significantly expanded Treasury’s authorities to target those who enable the North Korean regime’s activity wherever they are located. This includes (a) targeting those conducting significant trade in goods, services, or technology with North Korea and banning them from interacting with the U.S. financial system, (b) blocking and freezing the assets of actors supporting North Korea’s textiles, manufacturing, information technology, fishing, and other industries, and (c) suspending U.S. correspondent account access to any foreign bank that knowingly conducts or facilitates significant transactions tied to trade with North Korea or certain designated persons.

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