Web Alert: US expands sanctions against North Korea
29 September 2017
New sanctions have been imposed by the US against North Korea in response to their recent nuclear and ballistic missile tests.
On 21 September 2017, President Trump issued an Executive Order (EO) (a copy of which can be found here) which imposes a ban on vessels that have called at a North Korean port within the previous 180 days or engaged in a ship-to-ship transfer with such a vessel, from calling at a US port.
It authorises the US Treasury to impose sanctions on any person involved in the construction, energy, financial services, fishing, IT, manufacturing, medical, mining, textiles or transportation industries in North Korea. It also provides that all property and interests in property that are in the US in respect of the above persons are blocked.
Further details of the EO can be found in the client alert issued by the club’s US attorneys, Freehill, Hogan & Mahar (a copy of which can be found on the right). It highlights that the EO has far reaching implications for shipping as it gives the US Treasury Department the authority to block from the US financial system all banks and companies that do business with North Korea.
The UN has also recently imposed sanctions against North Korea, which includes a ban on the export of key commodities including lead, lead ore, iron, iron ore, sea food, and textiles. Our previous web alert dated 14 August 2017 provides further details.
Members who intend to trade with North Korea are advised to carefully consider the implications of doing so, as set out above, and to contact the club’s managers if they have any queries.