The UN Security Council has strongly condemned the most recent ballistic-missile launch conducted by North Korea which was in violation of its international obligations under various UN resolutions. In a statement issued by Council President Nikki Haley, the Security Council demanded that North Korea immediately ceases further actions that violate the relevant resolutions and complies fully with its obligations under these resolutions. The Security Council stated that it would “continue to closely monitor the situation”…
On 6 April 2017, in response to the continued violation of UN resolutions and the threat to international peace and security, the European Council adopted additional sanctions against the Democratic People’s Republic of Korea’s (“DPRK” or “North Korea“). Our previous blog posts on the sanctions against DPRK are available here and here. Under these new measures, the existing ban on investment in North Korea has been expanded to cover three new sectors, namely, (i) the…
On 8 March, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) issued a statement saying that it would no longer allow North Korean banks to access its platform.
The statement by the Brussels based inter-bank messaging system followed a decision by Belgium to withdraw authorisations for transactions with North Korean Banks, which the Belgian foreign ministry stated were prompted by Pyongyang’s increasingly destabilising behaviour and recent missile launches.
On 30 November 2016, the UN Security Council unanimously approved Resolution 2321 (2016), imposing new sanctions on the Democratic People’s Republic of Korea (“DPRK”) in response to its nuclear test on 9 September 2016. The new measures are aimed at cutting off funding for the DPRK’s nuclear and banned weapons programmes, in particular targeting the DPRK mining sector, as well as extending existing restrictions on strategic and luxury goods. The Resolution also expands the list…