North Korea: EU adopts new restrictions on trade, financial services, investment and transport
27 May 2016
via Council of the EU
On 27 May 2016, the Council adopted additional restrictive measures against the Democratic People's Republic of Korea (DPRK). These measures complement and reinforce the sanctions regime imposed by United Nations Security Council (UNSC) resolutions.
In response to the nuclear test conducted by the DPRK on 6 January 2016 and the launch using ballistic missile technology of 7 February, the UNSC adopted resolution 2270 on 2 March 2016 imposing additional restrictive measures against the DPRK. On 5 and 31 March 2016 the Council transposed this resolution into EU law.
Considering that the actions of the DPRK constitute a grave threat to international peace and security in the region and beyond, the EU decided to further expand its restrictive measures targeting the DPRK's nuclear, weapons of mass destruction and ballistic missile programmes. These additional measures include:
- in the trade sector: prohibition of the import of petroleum products and luxury goods from the DPRK, prohibition of the supply, sale or transfer to the DPRK of additional items, materials, equipment relating to dual-use goods and technology and ban on any public financial support for trade with the DPRK;
- in the financial sector: prohibition of transfers of funds to and from the DPRK, unless for certain predefined purposes and authorised in advance;
- in terms of investment: prohibition of all investment by the DPRK in the EU; prohibition of investment by EU nationals or entities in the mining, refining and chemical industries sectors as well as in any entities engaged in the DPRK's illegal programmes;
- in the transport sector: prohibition on any aircraft operated by DPRK carriers or originating from the DPRK from landing in, taking off or overflying EU territory; prohibition on any vessel owned, operated or crewed by the DPRK from entering EU ports.