The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently designated six entities and identified four vessels related to the transport of North Korean coal.
According to the US Treasury:
Such actions address the transportation and exportation of North Korean coal in violation of UN Security Council resolution (UNSCR) 2371 and underscore that entities within the People’s Republic of China (PRC) have continued to engage in activities prohibited under the UNSCRs.
Namely, OFAC designated:
China-based Weihai Huijiang Trade Ltd along with Always Smooth Ltd, Good Siblings Ltd, Hong Kong-based Silver Bridge Shipping Co-HKG, Korea Daizin Trading Corporation and Vietnam-based Thinh Cuong Co Ltd.
At the same time, vessels Calm Bridge, Asia Bridge, Lucky Star and Star 18 have been identified as blocked property.
As noted, all four vessels loaded coal directly from North Korean ports and transported their cargo throughout the region. For many of the vessels, this activity dates back several years.
In light of the above situation, the Treasury stated that all property and interests in property of these targets that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC.
To remind, OFAC’s regulations generally prohibit all dealings by U.S. persons or within the United States (including transactions transiting the United States) that involve any property or interests in property of blocked or designated persons.