November 20, 2017

November 17, 2017

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President Imposes New Economic Sanctions Against North Korea

On 20 September, President Trump issued an Executive Order (EO) authorising broad new economic sanctions against North Korea, by targeting those dealing with the country. The Order, EO 13810, adds to the existing US embargo of North Korea by authorising the US Treasury’s Office of Foreign Assets Control (OFAC) to impose blocking sanctions against any person found to be participating in any one of numerous specified trade activities with or in the country. Those activities include operating in the construction, energy, financial services, fishing, information technology, manufacturing, medical, mining, textiles or transportation industries in North Korea; owning, controlling or operating a port in North Korea; engaging in significant import or export activities involving North Korea; and supporting activities of a person sanctioned under the EO or being owned or controlled, or acting on behalf of such a person.

In addition to these blocking sanctions, the EO restricts entry into the US of aircraft and vessels that have travelled to North Korea during the preceding 180 days. And, the EO authorises new financial sector sanctions, including blocking sanctions and restrictions on correspondent accounts of foreign financial institutions that support trade with North Korea or blocked persons from North Korea. In connection with the announcement of the new EO, OFAC published new Frequently Asked Questions and issued two General Licenses.

© Copyright 2017 Squire Patton Boggs (US) LLP

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