South Korea imposes sanctions on Russian and North Korean ships and companies

As of July 1, South Korea is imposing sanctions on a number of companies and ships from Russia, North Korea and third countries for allegedly being involved in the “illegal transfer of weapons and import of petroleum products.”

This came according to what was reported by the South Korean Ministry of Foreign Affairs, as the sanctions also included eight individuals from the Democratic People's Republic of Korea for their participation in developing nuclear and missile programs.

The Korean Foreign Ministry statement continued: “Our government, starting next July 1, and in response to the threat to our security due to the signing of the Comprehensive Strategic Partnership Agreement between Russia and the Democratic People’s Republic of Korea, on June 19, decided to impose unilateral sanctions against five institutions, four ships, and eight individuals from Russia and Korea.” North Korea and third countries who have been involved in the illegal transfer of weapons, the import of petroleum products into North Korea, and the development of North Korea's nuclear and missile programs.”

According to what was stated in the statement, the sanctions were imposed on two Russian transport companies: TransMorFlot LLC and M LEASING LLC, in addition to IBEX Shipping Inc. (Cyprus), which is said to own 3 ships flying the Russian flag, and the three companies are already subject to US sanctions.

The statement continued: “The ships owned and operated by the three companies were transporting large quantities of containers loaded with military equipment between Russia and North Korea, and all transactions in the trade of arms and related military materials between Russia and North Korea are a clear violation in accordance with the resolutions of the United Nations Security Council, and constitute "A serious threat to peace and stability not only on the Korean Peninsula, but throughout the world, including Europe."

These companies' ships, including the Lady R, Maia-1, Angara and Maria, are already subject to sanctions by South Korea and against North Korea.

The Korean Foreign Ministry also named four Russian ships that were allegedly involved in transporting petroleum products to the DPRK and are now subject to sanctions: PATRIOT (9003550), NEPTUN (8404991), BELLA (8808264), and BOGATYR (9085730).

It is reported that the DPRK obtained oil products from Russia by sea freight through the Euromarket company located in South Ossetia. Euromarket itself and the DPRK's General Directorate of Missiles were also subject to sanctions.

Ships subject to unilateral sanctions, according to the Ministry of Foreign Affairs, in accordance with Article (4) of the Ports Law and Article (3) of the Executive Regulations of this law, must obtain special permission to enter the country’s ports from the President of the State and the National Security Agency, while financial transactions and disbursements are required. Foreign exchange with sanctioned entities and individuals prior approval from the Financial Services Commission or the Governor of the Bank of Korea.

Sanctions were also imposed on a number of DPRK individuals, including Ryu Sang-hoon, head of the National Space Technology Administration, Choi Chol-un, head of the project group of the Space Development Administration, and other officials.