Today, taking effect at 6pm CET, the Swiss Federal Council further tightened sanctions against the Democratic People’s Republic of Korea (North Korea), implementing UN Security Council Resolutions 2371 (2017) and 2375 (2017). As a consequence of the North Korean rocket tests on 3 and 28 July and the nuclear test on 2 September this year, in contravention of all previous UN Security Council Resolutions, on 5 August 2017 the UN Security Council issued Resolution 2371 (2017), closely followed by Resolution 2375 on 11 September 2017, tightening considerably the sanctions already imposed on North Korea. The resolutions include additional sanctions on the trade in goods, on the financial sector and on work permits. The Swiss Federal Council’s decree of today, 18 October 2017, implements these measures, which are binding under international law, by amending the Swiss Ordinance on Measures against the Democratic People’s Republic of Korea of 18 May 2016. Work permits may no longer be issued to citizens of North Korea, with the exception of permits issued under employment contracts concluded before 11 September 2017. In the financial sector, joint ventures and cooperatives, both ongoing and new, with North Korean individuals or companies are no longer permitted. Existing joint ventures and cooperatives must be discontinued by 9 January 2018 at the latest.
On 5 August 2017, the United Nations Security Council adopted Resolution 2371/2017 concerning the Democratic People’s Republic of Korea (the “DPRK”). In summary, the measures: prohibit the export of coal, iron ore, lead, lead ore and seafood from the DPRK; restrict any increase of the number of work authorisations for DPRK citizens in Member States without approval from the United Nations Security Council Committee; prevent the opening of new joint ventures or expansion of existing…
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 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.