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Economics Gazette

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November 19, 2019

The UN Security Council imposed new sanctions against North Korea

UN sanctionsThe UN Security Council Sanctions Committee sanctions 27 vessels, 21 shipping companies and one individual, at the request of the US. The unanimous approval of this historic package of sanctions is a clear sign that the international community is united in the effort to maximize pressure on the North Korean regime.

The new package of sanctions aims stop of North Korean smuggling in order to receive oil and sell coal by circumventing the previous restrictions imposed by the Security Council to deprive Pyongyang of revenue and resources for its nuclear and missile program.

The list is part of Washington’s request last month for sanctioning 33 ships, 27 shipping companies and one Taiwanese businessman. China postponed the decision on March 2 without giving a reason, and the 15-member committee worked with consensus. The United States proposed a shortlist yesterday, which was approved unanimously yesterday. The approved list includes 21 shipping companies, five based in China, 15 North Korean ships, 12 non-Korean vessels and one Taiwanese businessman. The 12 non-North Korean ships are subject to a global ban on entry into ports and must be deregistered and the 12 North Korean are subject to asset freeze.

Taiwanese Tsang Yung Yuan is accused of coordinating North Korean coal exports with a broker operating in a third country. It is subject to freezing assets and a ban on travel.

The assets of the 21 ship companies must be frozen. The list includes two Chinese companies – Shanghai Dongfeng Shipping and Weihai World Shipping Freight, which are accused of transporting North Korean coal. Three are based in Hong Kong, in particular Huaxin Shipping, which supplied North Korea coal to Vietnam in October 2017.

In addition, 12 North Korean companies are accused of having participated in illegal shipments of oil and fuel. The remaining sanctioned companies are based in the Marshall Islands, Singapore, Panama and Samoa.

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