Published: Thu, October 12, 2017
Global | By Shelia Dennis

Dramatic expansion of United States sanctions on North Korea Blog The insurance hub

Dramatic expansion of United States sanctions on North Korea Blog The insurance hub

Estimates say that North Korea exports about $3bn worth of goods each year - and the sanctions could eliminate $1bn of that trade. The ship left Haeju, North Korea on July 23, 2016 and was intercepted south of the Suez Canal according to the sanction monitoring team. This article explains the far-reaching nature of these changes and highlights some of the key areas that risk managers will need to be aware of.

The EU said the restrictive measures were taken in response to the Pyongyang's "ongoing nuclear weapons and ballistic missiles-development activities, in violation and flagrant disregard of previous UN Security Council resolutions".

"In addition, 38 individuals and 4 entities have been designated by the European Union autonomously". United States persons (including USA citizens, and companies and banks established under U.S. law) are prohibited from dealing with SDNs and must block their assets, including transfers of funds in which SDNs have an interest.

U.S. warship near China-claimed islands irks Beijing
China immediately dispatched military vessels and aircraft for identification and warned the USA ship to leave, Hua said. In the a year ago , the Navy has conducted several operations to challenge Beijing's stance.

Fiji ship Toyo Maru was also added in the original USA draft resolution for new sanctions to North Korea on September 11.

The U.N. Security Council has unanimously adopted nine sanctions resolutions on North Korea since 2006.

The new sanctions include restrictions on the sale to North Korea of oil products and crude oil.

Uber's Indian rival Ola scores $1.1B investment
The strategic partnership with Ola makes it possible for Tencent to be part of the fast-growing ride-hailing space in the country. The company said it plans to go "deeper" into the Indian market-beyond the 110 cities of varying sizes where it operates now.

He also pointed to the significance of implementing a port ban, rather than an assets freeze or travel ban - meaning that the vessels "are banned from all ports".

The coordinator of the panel of the United Nations regarding North Korean sanctions Hugh Griffiths called the move unprecedented. "Just a means. But of course, to be effective, sanctions must be applied by everybody". In addition, all countries were directed to bar North Koreans from acquiring work permits. It was not clear if the United States planned to still put the ship forward for designation.

Any company with business interests linked to North Korea should carefully consider the impact of these latest sanctions.

Spain moves towards activating 'nuclear option' on Catalonia crisis
The crisis has caused deep uncertainty for businesses in one of the wealthiest regions in the eurozone's fourth-largest economy. Spain and Catalonia now enter into the unknown, as Madrid has repeatedly said independence is not up for discussion.

On October 3, the Security Council's North Korea sanctions committee approved the US's request to blacklist the ships for "transporting prohibited items from the DPRK".

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