The EU General Court has given judgment in the first case about the EU’s North Korea DPRK sanctions regime. Judgment here (Maya Lester QC appeared for the applicants).
The Korea National Insurance Company was subject to an EU asset freeze for (in summary) “generating substantial foreign exchange revenue which could be used to contribute” to the DPRK’s nuclear / ballistic programme. The Court found, in essence, that as a state-owned insurance company that generated a profit (even if it did not generate substantial foreign exchange revenue) the listing criterion was fulfilled. The Court also rejected claims brought by individuals who had held positions in the company, on the basis that their witness evidence explaining (inter alia) their retirement / absence of ongoing links with the company had no probative value because it was prepared for the purposes of the EU case.