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.

Australian team's bus pelted with stones after India's crushing defeat
Assam Cricket Association president and Finance minister of the state Himanta Biswa Sarma also condemned the incident. Not only so, this was also their first win against India after seven consecutive T20I loss against the hosts.

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.

United States and Turkey suspend bilateral non-immigrant visa services
Turkish President Recep Tayyip Erdogan is continuing a visit to Serbia with a visit to Sandzak, a mainly Muslim-populated region. His remarks came three days after the US suspended non-immigrant visa services in Turkey .

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.

Congress supports verdict on sex with underage wife
However, after the "unfortunate" December 16 gangrape incident, the Parliament in 2013 raised the age of consent to 18 years. At this age, girls are immature and they are not mentally prepared for sex.

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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