South Korea Unveils New, Additional Sanctions Against North Korea
Superstation95.com
Mar 08, 2016
South Korea unveiled a slew of its own punitive measures against North Korea on Tuesday as a follow-up to newly-imposed United Nations Security Council (UNSC) sanctions. The measures are in response to Pyongyang’s nuclear test in January and long-range rocket launch last month, the Prime Minister’s Office said
Seoul’s sanctions include blacklisting 38 North Korean officials and two foreigners, as well as 30 organizations, including 24 based in Pyongyang, that are involved in the North’s nuke and missile programs. Noticeably, scores of people and entities linked to the development of weapons of mass destruction were blacklisted, marking the first time Seoul has taken such a step.
The Seoul government said the measure would ban people and organizations from making financial and property transactions from South Korean banks and freeze their assets here as well.
Other punitive action includes prohibiting vessels that have traveled to North Korea in the past 180 days from entering South Korean waters. This is a particularly effective item because now, shipping companies will lose the ability to do business with SOUTH Korea if they continue providing service to North Korea.
A total of 66 ships, mostly carrying steel, that visited North Korea, sailed into South Korean ports last year, the office in charge of coordinating the country’s policies said.
One need not be a rocket scientist to figure out what this sanction will cause: Shipping companies worldwide will simply decline to service North Korea at all, rather than lose access to SOUTH Korea’s major economy and busy shipping ports. The North will shortly find itself unable to ship IN or OUT.
The government of South Korea says the move is aimed at faithfully enforcing the toughest-ever UNSC sanctions imposed last week that call for mandatory inspections of all cargo going in and out of North Korea and a ban on the exports of mineral resources, a major source of hard currency for the cash-strapped country.
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