U.S. Treasury Issues New N. Korean Sanctions Targeting Shipping and Trading Companies

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Friday, March 2, 2018
Author: 
Bruce Zagaris
Volume: 
34
Issue: 
3
Abstract: 

On February 23, 2018, the U.S. Department of the Treasury‚Äôs Office of Foreign Assets Control (OFAC) announced the largest North Korea-related sanctions tranche, directed at disrupting North Korean shipping and trading companies and vessels to further isolate the regime and advance the U.S. pressure campaign.  The action targets one individual, 27 entities, and 28 vessels located, registered, or flagged in North Korea, China, Singapore, Taiwan, Hong Kong, Marshall Islands, Tanzania, Panama, and Comoros.  Also on February 23, 2018, Treasury, along with the U.S. Department of State and U.S. Coast Guard, issued an advisory alerting the public to the significant sanctions risks to those continuing to enable shipments of goods to and from North Korea.