The U.S. Department of the Treasury’s
Office of Foreign Assets Control (OFAC) today announced the largest North
Korea-related sanctions tranche to date, aimed at disrupting North Korean
shipping and trading companies and vessels to further isolate the regime and
advance the U.S. maximum pressure campaign, says a press release from the
US Dept of Treasury. Today’s 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.
Today, Treasury, along with the U.S. Department of State and U.S. Coast Guard,
also issued an advisory alerting the public to the significant sanctions risks
to those continuing to enable shipments of goods to and from North Korea.
“Treasury is aggressively targeting all
illicit avenues used by North Korea to evade sanctions, including taking
decisive action to block the vessels, shipping companies, and entities across
the globe that work on North Korea’s behalf. This will significantly
hinder the Kim regime’s capacity to conduct evasive maritime activities that
facilitate illicit coal and fuel transports, and erode its abilities to ship
goods through international waters,” said Treasury Secretary Steven
Mnuchin. “The President has made it clear to companies worldwide that if
they choose to help fund North Korea’s nuclear ambitions, they will not do
business with the United States.”
These designations are consistent with
the North Korea Sanctions Policy and Enhancement Act of 2016 as well as the
Countering America’s Adversaries Through Sanctions Act of 2017, which provide
broad designation criteria for certain trade and for providing certain
shipping- and vessel-related services.
As a result of today’s action, any
property or interests in property of the designated persons in the possession
or control of U.S. persons or within the United States must be blocked, and
U.S. persons are prohibited from dealing with any of the designated parties.