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US imposes additional sanctions on North Korea

  • USA
  • United Kingdom
  • Financial services disputes and investigations
  • Sanctions

20-09-2017

On 20 September 2017, President Trump issued a new Executive Order imposing new sanctions on North Korea.

The tightened sanctions take into account a series of recent UN Security Council Resolutions[1] in response to North Korea’s latest nuclear and ballistic missile tests.

The new sanctions:

  • impose a 180-day ban on vessels and aircraft that have visited North Korea from entering the United States;
  • prohibit ship-to-ship transfers with vessels that have visited North Korea within 180 days;
  • give authority for sanctions to be imposed on any foreign financial institution for knowingly conducting or facilitating significant transactions on behalf of certain designated individuals and entities, or any significant transaction in connection with trade with North Korea on or after 21 September 2017. These secondary sanctions can be either the imposition of account restrictions or blocking sanctions;
  • provide the Secretary of the Treasury additional authority to block any funds originating from, destined for, or passing through accounts linked to North Korea, anyone involved in the North Korean construction, energy, financial services, fishing, IT, manufacturing, medical, mining, textiles, and transportation industries, North Korean ports, or at least one significant import/export to or from North Korea, that come within the United States or possession of a US person.

These sanctions are in addition to those imposed under CAASTA, which amends the North Korea Sanctions and Policy Enhancement Act 2016 (on which, see our previous briefing.

A similar set of sanctions is being considered by the European Union, and may be approved on 16 October 2017. These sanctions will ban all investment in North Korea, impose an oil embargo and extend the range of luxury goods that may not be exported.

[1] UNSCR 2356 of June 2 2017, UNSCR 2371 of August 5 2017, and UNSCR 2375 of September 11, 2017.

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