The EU has implemented the new sanctions on North Korea that were introduced by the UN Security Council last month (see previous blog for full list of measures). The new sanctions include a ban on Member States importing North Korean coal, iron, and iron ore, a prohibition on opening new branches, subsidiaries, or representative offices of North Korean banks in Member States, and a requirement that Member States expel North Korean diplomats who are engaging in certain illicit activities. See Decision 2016/476 amending Decision 2013/183/CFSP.
In addition, the EU has listed Korea National Insurance Corporation, de-listed KNIC GmbH, and changed the reasons for listing various individuals said to be associated with KNIC. It has added derogations for KNIC relating to payments to KNIC by EU persons necessary for obtaining insurance in the DPRK, receipt of payments arising out of such services in respect of damages caused within the EU, and payments due under a contract prior to KNIC’s listing. See Regulation 2016/465 amending Regulation 329/2007 and Decision 2016/475 amending Decision 2013/183/CFSP.