Arab Canada News
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Published: January 17, 2024
South Korea imposed, today Wednesday, sanctions independently on 11 ships and 5 individuals and entities involved in illegal transfers of oil and other products from ship to ship to North Korea; leading to tightening sanctions on North Korea's maritime activities.
Yonhap news agency quoted the South Korean Foreign Ministry as saying, "The recent sanctions are part of South Korea's efforts to deter North Korea's illicit procurement of resources and disrupt the financing it uses to advance its nuclear and missile programs."
The Foreign Ministry said this is the first time South Korea has imposed sanctions on ships in nearly 8 years.
The ships are suspected of involvement in shipping operations with North Korean vessels, smuggling refined oil and coal to the North, and supplying, selling, and transporting goods to and from the North.
All the ships were identified in reports of the United Nations expert team of the UNSC North Korea sanctions committee, and the team recommended adding 7 of them to the UN sanctions list.
The sanctions require special permission from South Korean authorities to enter a port in the country, and individuals and entities are prohibited from conducting any financial or foreign currency transactions without prior approval from the central bank or the financial regulatory authority.
North Korea has long been involved in transporting oil and related products, coal exportation, and smuggling goods via ships to evade Security Council sanctions prohibiting the regime from engaging in any such activities due to its weapons programs.
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