Factbox: International sanctions against N. Korea

(BestGrowthStock) – South Korea on Monday announced steps to tighten the vice on the North’s economy in punishment for sinking one of its navy ships, and President Lee Myung-bak said he would take the issue to the U.N. Security Council.

Following are the major international sanctions in force against North Korea for its nuclear and ballistic missile activities and suspected human rights violations.

U.N. SECURITY COUNCIL RESOLUTION 1874

U.N. Security Council resolution 1874 of June 2009 allows inspection of all cargo to and from the Democratic People’s Republic of Korea, or DPRK, along with vessels containing suspicious cargo. The resolution also bans provision of fuel or supplies, or services for North Korean vessels suspected to be carrying banned items. Suspicious vessels are also subject to inspection on the high seas. Eight North Korean organizations, including its General Bureau of Atomic Energy, which oversees its main nuclear complex, and trading firms were blacklisted by a U.N. sanctions committee under resolution 1874. The blacklist also includes five North Korean individuals involved in nuclear or missile production.

U.N. SECURITY COUNCIL RESOLUTION 1718

Security Council resolution 1718 of October 2006 imposes arms and financial sanctions on North Korea in response to its first nuclear test three months after firing its longest-range Taepodong-2 ballistic missile. It also bans sale of luxury goods to the North.

U.N. SECURITY COUNCIL RESOLUTION 1695

Security Council resolution 1695 of July 2006, also after the launch of Taepodong-2, bans trading of material, technology and financial resources that could be used in any program of weapons of mass destruction in the North.

U.S. SANCTIONS

The U.S. Treasury Department rules ban transactions by U.S. firms with North Korean banks and trading firms for their role in arms dealing and weapons proliferation, including Amroggang Development Bank, Tanchon Commercial Bank, Korea Hyoksin Trading Corp and Ryonbong General Corp. Imports of goods made in the North require prior approval. Provisions of the U.S. Patriot Act and the code on money laundering have been applied to North Korea.

In 2003 then U.S. President George W. Bush launched the Proliferation Security Initiative, an informal multilateral grouping which aims to stop trafficking of weapons of mass destruction.

Bush removed North Korea from the list of countries alleged to be state sponsors of terrorism and the U.S. Trading With the Enemies Act in October 2008 as an inducement to keep Pyongyang engaged in nuclear diplomacy. President Barack Obama in February decided not to reinstate North Korea to that list, which would deny Pyongyang access to loans and other funds from international financial organizations. Some U.S. lawmakers say North Korea nuclear cooperation with Syria, which is on the list, and suspected arms exports to Hizbollah and Hamas are sufficient grounds to reinstate Pyongyang.

JAPANESE SANCTIONS

Japanese sanctions, renewed in April for a year, ban imports of North Korean goods, as well as all exports to the North, and prohibit port calls by North Korean vessels. Japan in principle bans North Korean nationals entering the country, though this does not apply to reentry by North Korean residents of Japan. Cash sums of more than 300,000 yen carried to North Korea must be reported to authorities, while remittances of over 10 million yen must also be declared.

Source: the United Nations, U.S. State and Treasury Departments, South Korean Foreign Ministry, Reuters.

Stock Market News

(Reporting by Paul Eckert in Washington, Christine Kim in Seoul and Isabel Reynolds in Tokyo; Editing by Eric Walsh)

Factbox: International sanctions against N. Korea