Sanctions Against North Korea Summary

Despite North Korea having lots of space when it comes to development and digital innovations, businesses have to be aware of their threats when they are looking for opportunities.

Sanctions Against North Korea Summary

North Korea maintains its economy for a long time as it carries the heavy burden of international sanctions. World powers have imposed economic and financial sanctions for more than a dozen years to force North Korea to disinfect nuclear weapons. These governments also imposed sanctions to punish the regime of cyberattacks, money laundering, and human rights violations. North Korea is mostly subject to sanctions by the UN and the United States. Currently, many sanctions are related to North Korea's nuclear weapons program.

Sanctions applied by the UN concerning primarily economic cooperation. Here is a list of some of the prohibited activities:

  • Opening bank branches and bank accounts in North Korea for the EU members.
  • Importing pretty much all of the luxurious goods.
  • Freezing the assets of people participating in the country's nuclear program; 
  • Trade machinery from military equipment to industrial machinery and vehicles.
  • Exporting minerals, electrical equipment, food, textiles, and wood.
  • Cooperating in terms of scientific and technical activities between the Democratic People's Republic of Korea (DPRK) and the United Nations (UN). 

The United States has implemented unilateral sanctions on North Korea that have restricted more economic activity and targeted a more comprehensive list of people and jobs than UN sanctions. The US sanctions' primary points are contained in the Summary of the North Korea Sanctions and Policy Enhancement Act.

  • In 2017, President Donald Trump issued an Implementation Order that allowed the United States to freeze assets of any company, business, organization, and individual that trades goods, services, or technology with North Korea;

  • The US government can seize any property belonging to the Korean Workers' party or the North Korean government if it appears to be under their jurisdiction;

  • Obligated sanctions for entities involving in North Korea's metal or mineral trade;

Since March 2018, international relations between the DPRK and the Republic of Korea meant that more sanctions could be expected between states than before. However, North Korea sanctions have become active, and the country's relations have begun to improve. With South Korea, mutual economic activities can take place with more and more countries.

On the other hand, it is crucial to consider that the Democratic People's Republic of Korea (DPRK) has been carrying out great activities to condemn all these international sanctions over the years. These include the development of nuclear weapons and ballistic missiles.