South Korea announced on 10 April that it has imposed independent sanctions on a freight ship, its Hong Kong-based operator, and three affiliated entities, in response to the vessel’s illicit transport of North Korean iron ore last year, according to the Ministry of Foreign Affairs.
The move follows a joint government investigation into a vessel that was detained in June 2023 while transiting through South Korean territorial waters. Authorities discovered it was carrying iron ore originating from North Korea which is a direct violation of international sanctions.
Furthermore, the newly sanctioned parties include a Hong Kong-registered company operating the vessel, two Chinese nationals associated with the firm, and a Russia-based consignor identified as the source of the cargo.
As a result of the sanctions, the entities must now seek prior approval from South Korea’s Financial Services Commission or the governor of the Bank of Korea for any financial or foreign currency transactions involving South Korean banks or financial institutions.
In addition, the vessel will be required to obtain prior clearance before entering any South Korean port.
Korea Times reports that the investigation conducted jointly by the foreign ministry, Coast Guard, customs authorities, and the national intelligence agency confirmed that the vessel had docked at North Korea’s Chongjin Port from June 14 to 17, 2023, where it loaded 5,020 tons of iron ore.
Following its interception, the vessel was held at the port of Busan in southeastern South Korea, where authorities carried out a full investigation. The government has indicated plans to expel the ship shortly.
