Executive Order Sets New Sanctions on Entities Linked With North Korea
An executive order released Sept. 21 by the White House outlined new sanctions on entities with links to North Korea. The order would prohibit any transfer, payment, export, withdrawal or other dealing in the property of any person Treasury determines to operate in the North Korean textile, transportation, manufacturing, medical, mining, IT, fishing, construction, energy or financial services industries. The order also bans any transactions involving anyone Treasury finds to own, control or operate any North Korean seaport, airport or land port of entry; anyone found to have engaged in at least one “significant” import from or export to North Korea of any goods, services or technology; and any North Korean who has engaged in commercial activity that generates revenue for the North Korean government or the Workers’ Party of Korea. The sanctions authorities are “in addition to” Commerce Department export control authorities, the order says.
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The order also sets forth prohibitions on arrival at U.S. airports and seaports of aircraft and ships that recently used North Korean ports. The order bans the landing in the U.S. of any aircraft “in which a foreign person has an interest that has called at a port in North Korea within the previous 180 days,” the calling on of a U.S. port of any vessel in which a foreign person has an interest that has called at a North Korean port within the last 180 days, and of any vessel in which a foreign person has an interest that has engaged in a ship-to-ship transfer with such a vessel within the last 180 days. The executive order sanctions won’t prohibit transactions under the official business of the U.S. government or the UN.