London headquartered lawyer Holman Fenwick Willan LLP (HFW) has issued a North Korea sanctions update.
Following the nuclear test conducted by North Korea on 6 January 2016 and the rocket launch conducted on 7 February 2016, the UN, the US and EU have significantly expanded the scope of sanctions against North Korea. Other UN members, including China, are also reported to have imposed their own new set of sanctions against North Korea, in line with the new UN sanctions.
The new measures imposed by the UN Security Council and EU include trade and transportation measures, an expanded arms embargo, additional asset freeze designations and prohibitions relating to the insurance and financial sectors. The UN Security Council Resolution in respect of North Korea contains some of the toughest measures ever taken by the UN Security Council.
The US has now imposed a comprehensive trade embargo against North Korea, similar to the one in place against Iran, thereby going beyond the measures mandated by the UN and the EU. Read more here.
