Financial Sanctions against North Korea Take Effect in Korea, Democratic People’s Republic of

The UK has updated its sanctions list against North Korea, adding three new individuals and entities subject to an asset freeze. The move aims to bring about the complete and irreversible denuclearization of the country.

Background

The sanctions regime imposes financial, trade, transport, and immigration restrictions on designated individuals and entities, including those involved in facilitating military programs or contravening UN resolutions.

New Designations

Three new individuals and entities have been added to the list:

• Aleksey Mikhailovich Vorotnikov: A Russian national who assisted the contravention of UN sanctions by allowing UN-designated vessels to bunker at a Russian port.
• Paekyangsan Shipping Co Ltd: A company that transferred petroleum products between Russia and North Korea, assisting in the contravention of UN Resolution 2397.
• Toplivo Bunkering Company: A company involved in facilitating military programs.

Requirements Under Sanctions Regime

Under the sanctions regime:

• Individuals and entities must freeze assets immediately if they suspect a match to a designated person.
• They are required to report frozen assets to the Financial Intelligence Unit (FIU) and not deal with them unless authorized by law or license.

Accessing Further Guidance

For further guidance on financial sanctions and reporting obligations, individuals can:

• Contact the Sanctions Team at +44 1624 648109
• Email sanctions@gov.im

The UK Sanctions List provides details of those designated under sanctions legislation, including their reasons for designation. The list is updated regularly to reflect changes in designations.