South Korea, the EU and US imposed or strengthened sanctions against North Korea in March. South Korea’s sanctions include an asset freeze on, and a restriction on business dealings with, 38 individuals and 24 entities in North Korea alleged to be responsible for the development of weapons of mass destruction. Further sanctions were imposed against two individuals and six entities outside of North Korean who are thought to have offered indirect support. The EU introduced new sanctions levied by the UN (see our last update) and has now added 16 individuals and 12 entities
targeted in the UN’s sanctions to its own sanctions listing, as result of North Korea’s nuclear testing and long-range rocket launch earlier this year. The US strengthened its sanctions via Executive Order (EO) 13722 and now blocks (i.e. freezes) all property of the Government of North Korea or the Workers’ Party of Korea that is under US jurisdiction or in the possession or control of a US person. The EO further authorizes the Treasury Department to designate other parties for blocking, including those that are found to operate in key sectors of North Korea’s economy, to have been responsible for the exportation of workers from North Korea, and those found to have engaged in other acts supporting human rights abuses in North Korea. EO 13722 further prohibits US persons from engaging in the exportation and reexportation of goods, services (including financial services), or technology to North Korea, and new investment in North Korea.
