North Korea: EU expands restrictive measures in line with UNSC resolution

EU News 107/2016

Council of the EU
31/03/2016

On 31 March 2016, the Council expanded restrictive measures against the Democratic People's Republic of Korea (DPRK) in accordance with United Nations Security Council resolution 2270 adopted on 2 March 2016.

The measures extend, inter alia, export and import prohibitions to any item (except food or medicine) that could contribute to the development of the operational capabilities of the DPRK's armed forces. Member states will be required to inspect all cargoes to and from the DPRK on their territories, to ban DPRK chartering of vessels or aircraft and to de-register vessels. They will have to ban flights carrying prohibited items and port calls of vessels engaged in violation of the relevant UNSC resolutions. They will also be required to ban exports from the DPRK of certain mineral products (including coal, iron and gold) and exports to the DPRK of aviation fuel. Member states will be required to expel DPRK representatives and third country nationals involved in the DPRK's illicit programmes (as identified by the relevant UNSC resolutions).

Moreover, additional financial measures being introduced include:

- an asset freeze on government entities associated with the DPRK's nuclear or ballistic missile programmes or other activities prohibited by UNSC resolutions;
- an obligation to close:

o  existing branches, subsidiaries or representative offices of DPRK banks;
o  existing joint ventures, ownership interests and correspondent banking relationships with DPRK banks; and
o  existing branches, subsidiaries or banking accounts in DPRK if they could contribute to DPRK's illicit programmes

- a ban on private financial support for trade if such financial support could contribute to DPRK's illicit programmes

Source and additional information:
http://www.consilium.europa.eu/en/press/press-releases/2016/03/31-north-korea-restrictive-measures-unsc-resolution/

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