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EU adopts new restrictions on trade against DPRK

Xinhua, May 28, 2016 Adjust font size:

The European Union (EU) here on Friday adopted additional restrictive measures against the Democratic People's Republic of Korea (DPRK) on trade, financial services, investment and transport.

According to a press release issued by the Council of the EU, these measures complement and reinforce the sanctions regime imposed by United Nations Security Council (UNSC) resolutions.

In the trade sector, additional measures include prohibition of the import of petroleum products and luxury goods from the DPRK, prohibition of the supply, sale or transfer to the DPRK of additional items, materials, equipment relating to dual-use goods and technology and ban on any public financial support for trade with the DPRK.

In the financial sector, the new measures are prohibition of transfers of funds to and from the DPRK, unless for certain predefined purposes and authorized in advance.

In terms of investment, it includes prohibition of all investment by the DPRK in the EU; prohibition of investment by EU nationals or entities in the mining, refining and chemical industries sectors as well as in any entities engaged in the DPRK's "illegal" programs.

In the transport sector, it includes prohibition on any aircraft operated by DPRK carriers or originating from the DPRK from landing in, taking off or overflying EU territory; prohibition on any vessel owned, operated or crewed by the DPRK from entering EU ports.

EU restrictive measures against the DPRK were introduced on Dec. 22, 2006. According to the EU side, the existing EU measures implement all UNSC resolutions adopted after the DPRK's nuclear tests and launches using ballistic missile technology.

Prohibitions on the export and import of arms, goods and technology that could contribute to nuclear, weapons of mass destruction and ballistic missile programs, and other restrictions in the financial, trade and transport sectors were already in force.

On March 5, 2016, the Council transposed a first set of measures under UNSC resolution 2270 by adding 16 persons and 12 entities to the list of those subject to travel restrictions and asset freeze. On May 19, 2016, the Council brought the total number of persons subject to EU restrictive measures against the DPRK to 66 and the number of entities to 42.

The UNSC unanimously adopted resolution 2270 on the DPRK on March 2 of this year. Endit