UK Imposes Financial Sanctions on Three Individuals and Entities Targeting North Korea
The United Kingdom has taken a significant step in its efforts to bring about complete denuclearization by adding three individuals and entities to its sanctions list, targeting the Democratic People’s Republic of Korea (DPRK).
New Additions to the Sanctions List
The latest additions include:
- Aleksey Mikhailovich Vorotnikov, a Russian national who has assisted in the contravention or circumvention of UN resolutions related to the DPRK.
- Paekyangsan Shipping Co Ltd, which has been involved in transferring petroleum products between Russia and the DPRK.
- Toplivo Bunkering Company, which has allowed UN-designated vessels to bunker at its port facilities.
Purpose of the Sanctions
Under UK law, individuals and entities designated under this regime are subject to an asset freeze and are prohibited from engaging in certain activities. The sanctions aim to restrict the flow of funds and economic resources to the DPRK and to prevent its military programmes from advancing.
Compliance with the Sanctions Regime
The UK’s Financial Sanctions regime requires institutions and individuals to:
- Report any frozen assets
- Refrain from dealing with them unless authorized by a licence or legal exemption
- Face criminal charges for breaching these regulations
Total Designated Persons Under This Regime
The addition of these entities brings the total number of designated persons under this regime to [number].
Commitment to International Cooperation
The UK is committed to working with its international partners to implement effective sanctions in support of denuclearization efforts.
Inquiries and Guidance
For inquiries regarding the sanctions regime and guidance, please contact the Sanctions Team at:
+44 1624 648109 sanctions@gov.im