Following the recent adoption of a further resolution against North Korea in the United Nations, in addition to unilateral sanctions against the country by Japan and South Korea, the United States itself announced additional sanctions against North Korea on December 12, 2016.
These sanctions expand the existing embargo (which was the subject of Club Circular No. 12/16 of March 18, 2016), and target North Korea’s financial, energy, labor exportation and transportation operations by the inclusion of additional entities on the US Treasury Department’s Office of Foreign Assets Control (OFAC)’s SDN List.
The inclusion of North Korean entities on the OFAC SDN List means that US persons are prohibited from engaging in transactions and activities with such entities, and that the property of such entities (including but not limited to financial transfers) within the US jurisdiction is blocked.
Source: The American P&I Club
